How Digitized Is Your Bank’s Lending Process?
In an era of constant technological innovation, where competition for consumer loyalty is at an all-time high, financial institutions of all sizes are focusing efforts and countless resources on revamping their digital strategies, especially in the lending space. Community banks, in particular, are poised to be unique beneficiaries of this digital age, as they are often consumers’ first choice for personal loans due to generally lower interest rates and origination fees.
To capitalize on this advantage, nearly one-fourth, or 23 percent of financial institutions have plans to implement a new or replacement consumer loan origination system, according to Cornerstone Advisors’ annual “What’s Going On In Banking” report. Additionally, the same report reveals that improving lending policies and processes is a top priority for 32 percent of bank CEOs.