No one knows the exact date the digital lending movement began. One thing everyone can agree on is that its roots date back to the dot-com era of the late 1990s – starting with mortgage lending and moving toward consumer lending. In the more recent, post-recession years, the movement has been advancing into small business and commercial lending.

Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

A lot has been written about the new Current Expected Credit Loss (CECL) changes which will affect FIs in the coming years. This is one of the largest changes to FI financial reporting and credit risk management in decades and certainly warrants ongoing conversations.

Topics: Risk Mitigation, Credit Unions, Risk Management, CECL, banking

 

Talking is easier than typing (thanks, Captain Obvious). Voice assistants aren’t new, but there seems to be growing chatter about smart speakers and voice banking. Is it all just hype or should banks and credit unions be taking this seriously? To help answer this, let’s challenge some common assumptions.

Topics: Customer Experience, Mobile Banking, Online Bill Pay, voice banking, digital survival, financial institution, technology, Digital Generation, Baby Boomers, Millennials

 The length of time it takes for a financial institution to render a credit decision will vary widely across organizations as well as loan types. While small working capital obligations and unsecured debt may take only a day or two, commercial real estate and SBA loans can take several weeks for a decision and over a month to close.

Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

 

Small to midsize businesses (SMBs) have finally caught the attention of financial institutions (FIs), which now realize that serving this market provides an opportunity to generate untapped revenue. There are 30.2 million small businesses, which represents 99.9% of all businesses in the U.S; and according to the SBA’s Office of Advocacy, they employ 47.5% of the U.S. workforce.

Topics: Credit Unions, small business, banking, financial institution

“Life moves pretty fast.” Sage wisdom from one of my favorite movie characters. Who knew that a movie made 32 years ago – Ferris Bueller’s Day Off - would be so enduringly prophetic?

Technology has fueled today’s expectations of immediacy. I am too busy to wait in line for my latte so I order ahead with an app. I expect to pick up my ecommerce order at the store within an hour or two. I use messaging services to communicate with family and friends and usually receive a prompt response. 

Topics: Information Technology, Payments, Mobile Banking, Online Bill Pay, Tomorrow's Technology, banking, bigtech, technology, Digital Generation, Millennials

 

While all rivers eventually lead to the sea, the route you choose makes all the difference to your passengers and crew.

While the fintech movement has been getting a lot of press in recent years, it is simply a continuation of decades of advancement in financial technology beginning in the early 1980s. While the rate of change may have increased, the process and the motives remain the same.

Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

It’s no secret; mobile banking is a requirement for financial institutions (FIs) today. In 2017, we noticed a few key trends that set the stage for where we are today. These trends are; enhanced customer experience via the mobile device, new authentication methods, and big data.

Topics: Customer Experience, Mobile Banking, Credit Unions, big data, banking, technology, user experience

In the cards and payments industry, the Digital Generation represents tech-savvy cardholders who are comfortable using a variety of devices and apps. They dominate consumer spending and are expected to continue to do so for decades.

So, who’s in the Digital Generation?

Topics: Mobile Banking, digital survival, banking, Digital Generation, Baby Boomers, Millennials

 Mother’s Day is just around the corner, so for this week’s blog, we want to take a break to celebrate Mom. We know that your role as a Commercial Lender is hectic, and you might not have time to shop.  Because we understand, we did the shopping for you! 

We rounded up a list of great tech gifts that will save Mom time, keep her stylish, and make sure she never misses an appointment. These five tech gadgets appeal to everyone, even those who aren’t tech-savvy.

Topics: Commercial Lending, Lending, fintech, banking, technology, Mother's Day, gifts