Real-time loans help Seacoast Bank save impacted businesses
It’s common for the banking industry to talk about how the convenience offered by digital customer experiences can breed long-term loyalty. But it’s less common to hear real-world examples that illustrate this point.
For many business owners looking to secure a loan or line of credit, speed can be the difference between staying in business, or going out of business; meeting payroll, or having to layoff employees; winning a bid on a project, or missing the opportunity entirely.
This became clear during the recent government shutdown.
Seacoast Bank, one of the largest Florida-based community banks in the state, is well known in the banking industry for its leadership in investing in digital to deliver better customer service and experiences to its community.
The Bank recently launched to its customers a real-time business loan offering with Numerated’s software — incidentally, right in the middle of the government shutdown. In a recent meeting with their leadership team, bank leaders shared the impact the technology has had in helping the bank better serve the businesses in its communities.
Seacoast’s COO Jeff Bray shared with us:
"One of our customers is a government contractor that was significantly adversely effected by the government shut down. They couldn’t meet payroll and their backs were up against the wall. We were able to get them a loan in 78 minutes from the moment we started the conversation. We were there for them, and earned their business for the next 10 years during the experience.”
This story demonstrates not only the importance of speed to business owners when it comes to securing financing, but also how top relationship banks are using technology to deepen relationships and generate long-term loyalty.
In business banking, and lending specifically, technology can play a huge role in both offering business owners a dramatically faster, simpler experience and helping bankers have more proactive and timely conversations.
We are proud of Seacoast’s commitment to its business community, and the small part our platform played in helping businesses in Florida keep their doors open during the shutdown.