9 smart questions to ask before buying a small business loan origination platform
Is digitizing your small business lending becoming a priority for your financial institution? Increased efficiency, profitability, banker productivity and enhanced customer experience are all reasons why you should be. For example: In most banks, it costs the same amount in administrative and overhead costs to underwrite a $50,000 loan, as it does for a $1 million loan. Wouldn’t it be great to free up your team to focus on the most important thing, the customer, and let the technology take of the rest?
And speaking of technology, there is new research out from The Center for Generational Kinetics, showing that the Millennial generation has already started more small businesses than any other generation before and their entrepreneurial spirit shows no signs of slowing down. While this generation values the banker-client relationship, when it comes to applying for a loan, they would prefer to complete it online saving everyone time.
But before you start chatting with bank technology companies, take the time to read the questions you need to ask before you invest in new small business lending software.
View the original article in full here at BankDirector.com
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!