As banks and credit unions adopt new technologies, lenders that have not yet begun their digital transformation are starting to fall behind in 2022.
But time hasn’t run out just yet. This month, we’ve gathered four articles that highlight how lenders can start leveraging technology today, to create a seamless digital experience for their borrowers.
Four Articles that Highlight How FIs Can Increase Efficiency Through Digital Lending
FDIC researchers say tech-savvy banks outperformed on PPP loans by Carter Pape, American Banker
According to a recent study from the FDIC, banks that provide offerings similar to fintech competitors perform better than those that don’t. This is an idea that was proven during the pandemic with the Paycheck Protection Program. According to the FDIC’s research, there was a correlation between loan volume and lenders with more advanced technology. American Banker uses this research to highlight the importance of adopting technology and the positive impact that it can have on financial institutions in this article.
Digital Transformation in Banking Is About Experience by Doug Wilber, ABA Banking Journal
As lenders return to normal, the need for digital banking still remains. According to a survey from 2021, 84 percent of bank customers reported that they plan to maintain the same level of digital banking services after the pandemic. Because of this, it is increasingly important that banks and credit unions remain focused on improving their technology offerings. This article, from the ABA Banking Journal, explains how lenders can combine their relationship building skills with technology to provide borrowers with a seamless customer experience. According to ABA, when lenders are able to accomplish this, they can achieve an advantage over online competitors.
2022 Trends Reflect a New Era for Banking by Jim Marous, The Financial Brand
The pandemic led to a massive shift in technology adoption for banks and credit unions. Prior to the Paycheck Protection Program, digital banking was a topic of focus for lenders, but not as high a priority as it is today. In 2022, it’s increasingly important that banks continue to innovate and improve their offerings, in order to compete with a growing pool of competitors. According to The Financial Brand, launching digital solutions alone is not enough. One of the challenges lenders will face this year is the need for digital humanization of their products to provide customers with a more personalized experience.
Embracing convenience and connection in commercial lending by Joe Ehrhardt, BAI
Community banks and credit unions have always been known for the white-glove service they offer business customers, but in 2022, this won’t be enough to remain competitive. As competition in the commercial lending segment increases, it’s important that lenders are focused on providing customers with an efficient online banking experience. According to BAI, banks and credit unions spend nearly a third of their time gathering documents and information from customers. Implementing technology that simplifies this process allows lenders to focus on what they are best at: relationship building.