In this paper, we outline the challenges of traditional lending practices and examine each stage of the credit process to see how automation can improve and standardize underwriting procedures.
Technology is rapidly changing the way we do business. In the financial services sector, arguably the largest industry in the world, this has never been more true. From mobile accessibility to cloud computing, technology is driving a new wave of change fueled by a dynamic fintech industry comprising hundreds of companies – many of which did not exist ten or even five years ago. Unconstrained by legacy architecture, alternative and challenger lenders embracing these technologies offer a new customer experience in terms of accessibility, speed, and transparency.
Community banks are coming of age with the new power they can wield from the growing availability of advanced data analytics. Client data and the tools to analyze it can literally transform how community banks conduct their commercial lending business. Data-driven community banks can use data analytics to make informed decisions and more profitably serve their customers and streamline their operations. So why are data-driven community banks not the norm?