What Convenient Business Banking Looks Like in 2022

Sal Trifilio

Sal Trifilio

March 04, 2022

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With demand for C&I loans on the rise, this year many banks and credit unions see business banking as their main channel for growth.

However, opportunity invites competition, and in 2022, traditional financial institutions are facing more competition than ever.

As customer expectations have shifted during the pandemic, borrowers are now prioritizing easy and efficient digital experiences over traditional loan processes which tend to be more manual, time consuming, and can require multiple branch visits. 

To compete with online lenders and fintechs, leading banks and credit unions are turning to modern loan origination systems like Numerated to make business banking easy, and to win on convenience.

Why convenience matters in winning more business banking relationships

Traditional business lending is a very manual and slow-moving process. Given the many complexities unique to business banking, technology has often lagged behind, especially when compared to the retail side of the industry.

For many banks and credit unions, the Paycheck Protection Program—and the technology they adopted to survive it—was just their first taste of digital business lending.

In the absence of stiffer competition from these traditional financial institutions, online lenders and fintechs have filled the void, providing convenient digital experiences that win business relationships, despite often charging higher APRs.

In fact, a recent study out of Bain & Company showed how customers, in large numbers, quietly switched financial institutions during the pandemic, moving their businesses to institutions with more convenient processes and services. As the researchers summarized, “one negative effect for banks [was] more hidden defection of consumers buying products from banks and providers other than the primary bank.”

How modern loan origination systems make business banking more convenient

Numerated is a modern loan origination system that was purpose built for business banking and designed to help financial institutions compete and win in an increasingly digital world.

Through a unique use of data, the Numerated platform is able to eliminate unnecessary work from the lending process and drive greater efficiencies, while providing an industry-leading customer experience.

Key features including automated spreading and financial analysis, scored decisioning, and digital closings, help bankers provide faster service and build stronger relationships.

For borrowers, pre-filled, digital applications mean a fast and easy experience on par with expectations, whether the lending process they choose is self-serve or banker-led.

By combining customer-first features, with powerful back-office technology, Numerated’s loan origination system is able to provide one of the most convenient business lending experiences available. The platform makes lending so easy, a $1M loan can be processed from application to closing in just 10 minutes.

Investing in the future of the loan origination system

To date, the Numerated Digital Loan Origination System has helped more than 140 financial institutions process over $50B in business loans.

A chief part of the platform’s success is how it was closely developed in collaboration with our partner institutions. We’re obsessed with building technology that banks and credit unions love using, and that feels as if it were built specifically for them.

Over the next 12 months, we plan on continuing to work your feedback and product requests into the future of our LOS.

To give you a sneak peak at what that roadmap looks like, our insights team recently sat down to discuss new features and products that are in the process of being added to our loan origination system in 2022.

Watch our on-demand webinar below to see where the Numerated LOS is headed this year.

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