Independent Banker - July 2021 - 68

Guest Experts:
Lending
Digital PPP Changed Customers' Expectations Forever...
You can Easily Adapt!
Challenge/ Solution: A community banker recently said it best: " Digital PPP loans have changed the customers' expectations
forever. We need to adapt and right now... " Her words could not have been more true. And many community bankers are quickly
maneuvering to deliver digital business lending across most, if not all, of their business products. Fortunately, adaptation is easily
possible through proven, cloud-based solutions that are quick to stand-up and transparently priced.
The pandemic
permanently
transformed
community
business lending
forever. With
branches closed,
business customers
in dire need of
funding, and years
of SBA lending
volume suddenly
compressed,
$800B of PPP
funding was both
digitally applied for
and expeditiously
deployed across the
nation.
Community bankers should be immensely proud! Because
according to SBA, about half of that PPP lending volume was
delivered by community bankers and often faster than the big
banks...
Candidly, there was a lot of manual processing at first. But
there was also stunning digital adoption to deploy this kind of
PPP volume. Adoption for both community bankers and their
business customers.
For community bankers, delivering for the heightened
customers' expectations is reason alone to take action. But
going digital brings numerous other banker benefits. And
community bankers should plan now.
This adaptation can still be daunting. Why? Because the
process of finding the right solution, procuring it, and
implementing it are three common challenges.
First, finding the right category of solution can mean changing
the old paradigm of solving the community business banker's
technology needs. Specifically, instead of purchasing a " heavy "
solution, waiting for its implementation, and hoping it will work
out later... seeking out cloud-based solutions that are proven
and easily enabled. Further, some solutions can either be
standalone or also integrated in a robust way.
Selecting the specific vendor can also be a second challenge.
FinTech is notoriously a " noisy " market. Vendors often say " yes "
to every community banker capability question. That is just not
always the case. Further, " buying big " is simply not needed.
Instead, laser-focus on business lending solutions that are
targeted. Be focused. There is always room to expand.
Candidly, this is why we designed our Atlas system to be
modular where clients can always add later.
Finally, community bankers should know there are digital
lending solutions available that are priced in a best value,
transaction-based way. Instead of implementation fees, user
fees, annual licensing fees... there are much more transparently
and eff iciently priced models. For Atlas, we focus on pricing
for fully submitted applications that have passed pre-screening
questions.
In summary, the pandemic has accelerated adoption of digital
business lending for both community bankers and their
business customers. The latter will likely not look back and will
not accept any less. But community banks delivered a strong
digital success with PPP, and the common challenges can be
easily overcome to adapt and deliver on the sequel for their
business customers!
Brendon DiBella, Chief Revenue Off icer
bdibella@streetshare.com
(202) 600-0850
go.streetshares.com/atlas

http://go.streetshares.com/atlas

Independent Banker - July 2021

Table of Contents for the Digital Edition of Independent Banker - July 2021