Thought Leadership

Your Bank is Losing Business to Private Lending Companies – But it Doesn’t Have to be that Way

July 9, 2018
Your Bank is Losing Business to Private Lending Companies – But it Doesn’t Have to be that Way
By Bryan Adler

In the era of massive growth and innovation with businesses across the nation, entrepreneurs are demanding time, convenience, and ease-of-use when they decide to apply for a line of credit. Unfortunately for banks, current operating procedures and heavy regulations prohibit their ability to tend to these demands as easily as customers want – Or do they?

Hundreds of fintech companies, like Kabbage, are able to capture small businesses that utilize their quick and easy loan process for advance inventory purchases and working capital. Yes, their interest rates may be extreme, but customers are still using these financing platforms despite that fact. And community banks and credit unions are losing potential business opportunities to them.

This doesn’t have to be the case:

The time it takes to get a loan from a bank is far longer than the time it takes from a fintech. Along with an intuitive user interface and an amazing customer experience, entrepreneurs who need to grow their businesses are willing to pay higher interest rates at the benefit of a convenient and quick loan process.

So why wouldn’t every bank make it a primary mission to implement services in their business model that satisfy their customers’ demands? In the case of many business loans, customers just end up refinancing their fintech loans with banks anyway. How inconvenient must it be for businesses to go through this two step process every time they take out a loan?

Simply improve your customer experience and capitalize on your opportunity to increase lending volume. Vetter empowers its bank partners with a loan application platform for customers to apply for credit in minutes. The back-end workspace allows banks to manage deal flow, facilitate speedy closings, and collect compliant data for each loan. Compliance is built into the Vetter application form, which is updated on a quarterly basis. Learn how Vetter can help your bank’s current and potential customers receive tremendous value from our platform.

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