January News Roundup: Digital Transformation in the New Year

Emma Schoth

January 28, 2022

Jan22-News-Round-up

In 2022, lenders are adjusting to the new normal, and digital transformation remains top of mind for many. As fintech competition continues to advance into small business lending, it’s important that lenders continue assessing their digital experiences to remain competitive in the segment. 

This month, we’ve gathered four articles that highlight how lenders are adjusting to the new normal and continuing their digital transformation efforts in the new year. 

Six Articles that Highlight Digital Transformation in 2022

Bank Independent on How Banks Can Tap an a La Carte Business Banking Model to Engage SMBs by PYMNTS   
As fintech competitors continue to emerge in today’s market, legacy financial institutions are now forced to compete for SMB customers. Small business owners are drawn to the convenience and efficiency that fintechs provide. To remain competitive, lenders will need to adapt to the needs of these customers through simplifying the application process. Learn more about how lenders can achieve this and remain competitive in the small business segment in this article from PYMNTS. 

The new normal in banking is omnichannel by Karl Dahlgren, BAI 
As banks and credit unions plan for 2022, digital experience is still top of mind across the board. Lenders are observing continued success from the digital transformation that began at the start of the pandemic, but there’s still work to be done to remain the top choice for borrowers. According to the BAI annual outlook survey, a survey of 1,000 banking customers and 150 leaders within financial institutions, FI leaders reported that their largest customer service gap was technology, with only 9 percent responding that their digital experience is excellent. This service gap provides lenders with the opportunity to enhance their customer experience by taking an omnichannel approach to digital banking. This article from BAI explains how lenders can leverage digital and provide customers with the opportunity to choose how they interact with their financial institution. 

The Convergence of Fintech & Banking Is Transforming Business Lending by Bill Streeter, The Financial Brand
The pandemic accelerated the need for efficiency in small business lending. This shift led many banks and credit unions to join forces with fintech partners to provide customers with a better borrower experience. Now, borrowers have become accustomed to the newly provided digital loan applications and expect it. In this article from The Financial Brand, Numerated CEO Dan O’Malley shares insights on technology trends and what the future looks like for business banking after the pandemic. 

Digital Transformation In Banking: How To Make The Change by Vladimir Lugovsky, Forbes 
Digital transformation was a key focus for financial institutions in 2021 as many banks and credit unions quickly adopted new technologies to better serve their customers online. Looking to 2022, there is still work to be done to close the technology service gap. This article from Forbes highlights the process that banks and credit unions should take in beginning their digital transformation journey. 

Enthusiasm about commercial lending spreads among bank chiefs by John Reosti, American Banker
Last quarter, lenders saw continued growth in the commercial lending segment as more businesses are returning to normal and in need of financing. In this article, John Reosti from American Banker speaks with bank executives from Fifth Third Bancorp, Huntington Bancshares, and Mercantile Bank, on the increases they’ve personally experienced and their outlook for 2022. 

Commercial lending could rebound this year by Justin Ho, Marketplace
Due to government relief programs like the Small Business Administration's Paycheck Protection Program, many businesses have already received all of the funding they needed in 2021 and weren’t borrowing at the rates they had been pre-pandemic. Now, as many businesses are returning to normal, the need for commercial lending has rebounded. In this article from Marketplace, Justin Ho speaks with industry experts on the increase in commercial lending and why borrowers are now more comfortable taking on loans.

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