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10 Signs You Should Invest In Small Business Lending Software

Your small business lending process isn’t just about the technology but it can really help! 

10 signs you should invest in business lending software

The world of lending, and specifically small business lending, has gone through a remarkable change over the past few years. Small business owners have had their eyes opened to the benefits that come from an accessible, digitized lending experience, thanks to the technology being utilized by many non-bank online lenders.

Banks and credit unions now need technology for small business lending because it’s what their customers demand. More and more small businesses are being run by millennials, and they expect digitization.

A recent survey showed 51% of millennials believe access to digital tools make banks less important. 70% do not actually speak to their bankers unless there is an issue. And perhaps most importantly, 61% said they would be willing to work with multiple banks if it was easier to get what they needed. Bottom line – if a bank doesn’t have the right technology, they risk losing small business customers. Want to read more check out our whitepaper: Increasing Outreach, Profit and Customer Satisfaction in the SMB Lending Space Through Digitization.

You have a great team, amazing service but to compete, you need innovative products that provide a frictionless process across all channels (desktop, tablet, and smartphone.)

Here are 10 signs you should invest in small business lending software today!

1. Your current process takes weeks and months

Does this sound familiar, your potential borrower drives to get an application, fills it in, realizes they don’t have all the information and leaves the bank, returns it to the branch days or weeks later, your team looks it over and of course there are still missing documents.

Requesting documents is a universal struggle in lending. With Akouba documents can be uploaded easily, automatic reminders are sent to the borrower for missing documents, and when terms are offered the technology will automatically request the documents your bankers need! It’s amazing how much time technology will save your team.


2. You need to be ADA compliant

Is your current application accessible to the blind or those who have low vision? A fillable pdf will no longer be acceptable as they are often not accessible to blind people who use screen readers. Akouba is working to create a software the exceeds current standards and requirements.

3. Small business owners have to come to a branch for an application

It’s time for an omnichannel application and borrower portal: Business owners are busy, why not offer 24/7 access to your services. They can start an application the night before on a tablet and finish it in a branch if they wish. 


4. Borrower information must be rekeyed multiple times

Reduce risk and time spent rekeying information by having a central location for data. Wouldn’t it be a dream to have the borrower enter their information, when they are ready and your team can review it? No longer would your bankers have to waste valuable time rekeying information.


5. You need to reduce the workload for your team

More and more branch managers are having to chase after documents for small business loans. Take the burden off the team and let technology do the hard work. Utilize automation to request missing documents via a secure portal and let your manager’s get back to what really matters, providing great customer service.


6. Better data management

Creating, storing, and using data will become more and more important as new regulations are created. Use technology to your advantage and gain a significant competitive edge.


7. Better customer satisfaction ratings and user experience

Your customers have lots of options, it’s no longer enough to have a great in person experience, your bank needs to offer a great digital experience as well. Akouba’s products are built with talented UX designers who ensure a great customer journey with every click of the mouse or tap on the screen.


8. Reporting and analytics

How long does it take to service a loan from beginning to end? Could you find out with your current process? Can you truly figure out how much each loan is costing your financial institution? With robust analytics, Akouba can help provide insight that your bank needs in today’s data driven climate.


9. You need a transparent workflow

When you have the analytics and the ability to track how many people are viewing, starting, and completing your application, you can do a better job of forecasting the week ahead.

10. You are ready to make internal collaboration easier

Knowing where each loan is at gives visibility to what has been completed so everyone on your team can stay on track and know what’s coming their way, helping facilitate cross departmental communication to accelerate the loan’s end-to-end time.

If you’re ready to lead the charge to start using technology to make your lenders lives easier, let us know today. With Akouba your institution can reduce end-to-end time, increase profits and give small business customers a better experience. We can have your team set up for success with our ABA endorsed small business lending platform before the end of the 2017. Request a demo today!

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Amber Smith

About The Author Amber Smith

Amber, director of marketing, is a marketer with over 13 years of experience. She has a keen interest in the digital world and was one of the first participants in Duke University's digital media and marketing program, one of the most comprehensive, online media marketing programs in the nation. Amber also has a deep understanding of the unique challenges banks face today, having worked for an Iowa community bank for over seven years. Before joining Akouba, Amber was part of a global marketing team for an elearning company based in Chicago and was responsible for managing lead generation and digital marketing campaigns for the global team.