In the evolving financial landscape, traditional lending practices are not enough to support financial institutions’ growth. According to a Biz2X and BCG whitepaper, half of small businesses seeking funding don’t get all the capital needed. It’s estimated that this funding gap on an international scale exceeds $5 trillion. Small business owners are frustrated with slow approvals, high rejections, and limited funding options from traditional financial institutions.
Banks, credit unions, and other financial institutions must adopt an end-to-end business lending platform to remain competitive, agile, and profitable. To do that, banks must replace slow, outdated processes with faster, data-driven digital solutions. However, before they can fully leverage a digital lending platform, financial institutions face several adoption challenges. These include leadership inertia, difficulty prioritizing platform features, and poor vendor selection.
Key topics covered in this eBook:
Observing the core banking and lending challenges across our global clientele for over a decade, we have identified the exact requisites to choose the right business lending software and vendor. In this guide, you will find:
By gaining these insights, your financial institution can choose purpose-built technology to transform your lending.
A Buyer’s Guide to Evaluating Business Lending Software
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Why you need to rethink your lending technology
With technology advancing rapidly, small businesses will continue growing and new innovative businesses will keep emerging every day. These modern businesses need access to capital to grow and contribute to the US economy. Lack of historical data to evaluate creditworthiness cannot be a roadblock to lending to these small businesses anymore.
In contrast, it represents a huge opportunity for small community banks and credit unions to leverage alternate data and expand their loan portfolio while reducing risk. According to the FDIC’s 2024 Small Business Lending Survey report, only a few banks have shifted to a unified business lending platform. The report also uncovered that most banks are adopting or planning to adopt new technologies and innovations to supplement the relationship-oriented and staff-intensive nature of small business lending.
Financial institutions that adopt the latest digital lending technologies will surpass the expectations of modern small businesses today and in the future. Those who don’t will rapidly lose their market share to more tech-savvy financial institutions.
By using a digital lending platform, small banks unlock the capabilities of large fintechs like quick configuration, end-to-end automation, user-friendly workflows, and remote omnichannel accessibility. However, each capability’s implementation and focus vary for every financial institution. The e-book covers each of these aspects to provide a clear roadmap for selecting the right digital lending platform that responds to your unique policies. Leverage the actionable insights in this e-book to help your stakeholders make an informed implementation choice that ensures ROI.
Ready to make informed decisions when evaluating business lending platforms in 2025?
Connect with a funding platform specialist for a customized demo of Biz2X for your bank or financial institution. Schedule one-on-one time, or bring your colleagues.
