BOSTON—Hancock Whitney partnered with financial technology solutions leaders FIS and Numerated to digitally transform its business lending capabilities during the COVID-19 pandemic. Digital lending technology from FIS and Numerated allowed the bank to speed and scale approval of Paycheck Protection Program (PPP) loan applications to help expedite relief funds to more than 12,000 businesses across Mississippi, Alabama, Florida, Louisiana, and Texas.
Hancock Whitney launched its digital lending experience for PPP with FIS and Numerated less than a week after it began processing PPP loan applications. Subsequently, as of today, the bank has distributed more than $2.4 billion in relief funds to the Gulf South, with digital lending enabling the bank to submit to SBA for approval more than three loans per minute and fund many of these loans in the same day—a remarkable level of service during a critical period of need for businesses.
“As the CARES Act was passed and we began taking PPP applications, we recognized how critical the speed and scalability of digital lending would be to help businesses receive relief funds quickly,” said Hancock Whitney Chief Operating Officer Shane Loper. “With FIS and Numerated’s solution for the Paycheck Protection Program, we were able to get business approvals processed much faster, which enabled us to originate three months’ volume of loans in just three weeks. We look forward to using their streamlined platform for the next phase of the program to help support our clients with their requests for loan forgiveness.”
The FIS Real-Time Lending solution powered by Numerated is a SaaS platform that makes it easy for businesses to purchase financial products from banks and credit unions. Powered by rich data integration and artificial intelligence, the platform offers advanced digital lending and account opening capabilities that can be integrated with key back-office systems via API.
“What Hancock Whitney accomplished for small businesses in the Gulf South under the Paycheck Protection Program is a testament to the power of digital technology to transform the lending experience,” said Rob Lee, Head of Core and Channels at FIS. “Hancock Whitney’s work is proof that, with the right bank leadership and technology partners, digital transformation can happen quickly and make an immediate impact in elevating service.”
Hancock Whitney is a $31 billion regional bank offering comprehensive financial products and services at more than 200 locations in Alabama, Florida, Louisiana, Mississippi, and Texas as well as a loan production office in Nashville, Tennessee, and asset management offices in New York and New Jersey. Founded in 1899, Hancock Whitney has earned recognition as one of America’s most financially sound banks for 122 consecutive quarters and was named one of America’s Best Midsize Employers by Forbes in 2019. The bank actively invests in communities across the Gulf South.
“Hancock Whitney was decisive in recognizing the critical importance of the CARES Act to their small business customers and moving quickly to adapt and innovate,” said Dan O’Malley, CEO of Numerated. “The bank delivered on their promise of ‘building a company that never knows completion’ by launching a digital lending experience in the middle of a global pandemic to bring paycheck relief to hundreds of thousands of American workers in their communities.”
Numerated makes it easy for businesses to purchase financial products from banks and credit unions. Financial institutions using its digital lending and sales platform create award-winning digital application, digital lending, and digital account opening experiences powered by rich data integrations and artificial intelligence. Numerated was recently recognized as “2020’s Best Overall FinTech Software” by FinTech Breakthrough and “2020’s Most Innovative Industry Partner” by Barlow Research. Numerated is chosen by top business banks, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, People's United Bank, Pinnacle Bank and more.