The Future of Finance After COVID: Technology and Trends
In the past year, COVID-19 came out as a tremendous tragedy, and its immediate impact was very clear, from both health and economic perspectives. The pandemic created havoc on the global economy; it wreaked increased uncertainty, risk, and volatility in the market. The financial sector contracted to the levels of The Great Recession 2008. With this, finance functions are now forced to evolve rapidly to keep up with the pace of change.
While financial functions were already experiencing significant shifts towards digital transformation, they now have no choice. Digital and technological transformations during this challenging period were imperative for financial institutions to curtail the economic recession and support their customers, especially SMEs.
Cash Flow Analytics The New Frontier in AI-Based Lending
In the past two or three years, a revolution has been quietly in the making that promises to reshape lending to consumers and businesses all the world over. The revolution is called Cash Flow Analytics. Driven by large increases in the availability of alternative data and the latest AI tools to rapidly identify key patterns within the data, it can greatly speed up loan decisioning by underwriters while substantially reducing the risk of poor lending decisions.
How They Do It – Digital Underwriting, Instant Decisioning and Business Loans
Automated loan origination software helps banks and credit unions make near-instant decisions about small business loans. Making faster loan decisions doesn’t need to involve higher risk or worse portfolio performance, if lenders are choosing the right kinds of technology to enable these instant decision rules. This ebook explains how it works.
5 Reasons Banks Need A Digital SBA Lending Program Now
Small Business Administration (SBA) loans are more important than ever for banks in the wake of the COVID-19 pandemic and the Paycheck Protection Program (PPP). A digital-first strategy for SBA loans is required to capitalize on the permanent impact to business banking.
How to Evaluate Business Lending Software
What should you look for in a Business Lending Platform? This eBook explains the features of a Business Lending Platform that financial institutions should make their top priorities when evaluating any business lending software. Learn the seven must-have features that you can press vendors to showcase, and discover the secrets to accelerate your time to market while maintaining compliance controls and risk management standards. This is a must-read for anyone (procurement, operations or executive) that is considering a Business Lending Platform or another kind of digital loan software for their business and commercial bank
Quick Guide to Digital Lending for Regional Banks
How are some regional banks outperforming their bigger rivals? The answer may lie in their early adoption of digital lending as a core service. ItÔÇÖs an opportunity that other small and regional banks can learn from, and this guide is the playbook for how to do it. Find out how to balance the all-important relationship banking that has cemented your loyalty for your bank with customers against the need to increase speed, efficiency and bottom-line results. With this guide to digital lending, you’ll learn what makes some lenders successful at making the transformation, and where the pitfalls lie if you choose to take on the same challenge
The Threat That Could End Community Banking – And What to Do About It
Small and midsized banks are at tremendous risk. Not just at risk of running out of customers, and therefore money; not just at risk of being bought out by a larger bank. CBFIs are also at risk of losing their core business to the companies innovating in the paytech and lendtech spaces. Small business lending is ground zero for this imminent disaster. On the surface, things are going well for community and regional banks and credit unions. Though only in charge of a small percentage of total assets, theyÔÇÖre disproportionately dominating small business lending. In 2018, community-based financial institutions made 52% of all small business loans, even though they controlled only 16% of banking assets.
The Modern CHIEF RISK OFFICERÔÇÖS GUIDE to Digital Business Lending
Business lending is one of the most significant growth areas for banks and other financial companies. With that growth comes an increase in potential risk. Financial technology (FinTech) has made it economically feasible (and more attractive in terms of risk management) to make more business loans than ever before while maintaining and even improving their risk mitigation profiles. As risk management tools become increasingly sophisticated and efficient, banks can lend to businesses in greater numbers by relying on a more flexible risk profile than in the past.