Put yourself into the shoes of one of your business banking customers.
Your typical day as a small business owner is pretty hectic. But nothing compares to the chaos that ensues when you need funding fast.
When a particularly busy sales season tears through your inventory, demanding a restock sooner than expected; or when a major piece of equipment breaks down and you need to replace it quickly, where do you turn for quick capital?
While you may already have a relationship with a community institution, there are also powerful incentives pulling you towards competing lenders. Given your busy day-to-day and the urgency of your need, you’re probably looking for a fast and easy digital experience; something you can start (and even finish) on your own, in a few minutes, without leaving your storefront.
Creating A Digital Front End for Business Banking Products
Study after study shows the main reason businesses switch banks is because the financial institution they’re moving to is offering a better, more convenient customer experience. This is true whether or not a business is in one of those funding crunches, or not.
The fact of the matter is, in the age of Amazon, how a financial institution approaches the business-banking customer experience is the difference between the community and regional banks that are growing and the 74 percent who are seeing a shrinking number of relationships on one or both sides of their balance sheets.
This is the problem we set out to solve for banks when we decided to spin Numerated’s small business lending technology out of Eastern Bank in 2017 and make it available to more banks and credit unions across the United States. When competing with Big Tech, Alternative Lenders, and Megabanks, regional and community institutions must make it faster, simpler, and more transparent for businesses to purchase financial products.
Now, with seven additional business banking products supported, we’re closer than ever to realizing our vision, having transformed our platform from a point solution for small-dollar business loans into a digital front-end for all business banking products.
Experience The Digital Front End for Business Banking
Numerated makes it easy for businesses to purchase financial products from banks across a growing number of business banking products: term loans, lines of credit, SBA loans, deposit account opening, overdraft protection, working capital lines, owner-occupied commercial real estate, equipment loans, and reviews and renewals. From creating consistent digital application experiences across products, to expediting decisioning and offers with digital lending and digital account opening solutions, Numerated’s rich data integrations and data science help banks create the fastest and simplest buying experiences on the market today.
To learn more about how Numerated helps banks transform the way they lend to business customers, register for one of our upcoming Insights Sessions.