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Recently our Chief Product Officer Aaron Traub and Head of Growth Darren Hecht took part in a webinar with CBANC focused on identifying trends in the industry.
Among the findings:
Digital lending and banking technology
- Digital lending is here to stay. It’s the only way to be able to change credit policies, deal with regulations, and move quickly, all at the same time.
- “Banks which have adopted digital lending are seeing a far greater number of loans being made on average compared to their peers.”
- Due to technology trends, whether it be the cloud or SaaS applications, we’re seeing that smaller banks are increasingly able to offer the same services that large banks can offer.
- It’s important for banks to work within a digital ecosystem.
- Companies are increasingly looking for working capital and smaller loans.
- Baby boomers and Gen X are entrenched in the market, and they’re doing far less account opening than millennials and Gen Z.
- With the increased appetite to go mobile, branches opening and going into branches are both going down significantly.
- While internal buy-in can be challenging, going digital-first across the board is something that we’ll see.
- Generative AI is here to stay and can be used at multiple stages throughout the buyer journey.
What customers want
- Customers want to be able to do business from anywhere and they want to have a real-time messaging system in place.
- They desire to understand the different loan types and feel confident they’re choosing the one that’s best for them.
- While customers want to go increasingly online, they do not want to lose personal relationships in the process.
- The goal is for the process to be quick and efficient.
- Biz2X is taking the simple tasks that take up time and making them easy and efficient.
- We have created a lead section so that you can reach back out to clients and remind them to finish their applications.
- Biz2X can increase the speed of the application process while decreasing the risk of fraud.
- Through Biz2X’s decision engine, customers can understand why they were approved or denied based on the policies of banks.
Watch the entire video embedded above to gain more findings from the webinar and contact us here with any questions.
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