With three decades in financial services – several of them as a sales manager, I have experienced firsthand the potential impact online lenders can have on balance sheets. Omni channel experience, expedited decisioning, simplification of the application, condensing of the end to end processing time and giving businesses needed access to capital are all things online lenders have become adept at. Banks and credit unions want to play in this space as well, but struggle with profitability for loans under $250,000.
Timeliness and ease of use are two key things business owners want and expect but financial institutions struggle with creating the technology to keep pace. Many forward thinking organizations have therefore chosen to partner with third party loan providers. Unfortunately, that usually means creating a referral relationship where the third party takes over the lending side of the customer relationship and control over the pricing, interest revenue and credit policy.
The real need in the industry is a solution that gives banks access to employ enabling technology to capture business loan market share, while maintaining control of their customer, their revenue, the experience, and the risk profile.
That’s exactly what we do at Akouba. Our solution is a platform that leverages the institution’s unique credit policy and guidelines, streamlines the end to end process for both the customer and the institution and allows the institution to maximize internal resources efficiently and profitability. They do it all while booking loans to their books – lending their dollars – and retaining control over the customer experience.
Here’s what happens when you utilize the Akouba platform:
- Loan volumes increase because of the painless application process
- Customer experience scores rise because the platform makes institutions much easier to do business with
- Share of wallet penetration increases because sales associates can focus their time on growing the relationships instead of shepherding deals through the pipeline
- Profitability increases as those smaller loans go from costing you money – to making you money
Banks and credit unions NEED TO BE in this space and Akouba is truly the best of both worlds and the right choice for financial institutions.
Mike Dillon, National Sales Director