Independent Banker - November 2017 - 66

Lender Life
cloud-based credit-approval processes
attract more loan applicants.
According to the PwC report,
" Some models leverage the computing
power of the cloud environment
and can return rates and terms in as
little as 20 seconds. ... Select marketplace
lenders [fi ntech] see turndown
rates of approximately 95 percent due
to the volume of incoming applications.
This stands in contrast to the
approximately 5 percent growth in
unsecured lending at larger banks so
far in 2016. "
Up, up and away?
For many community banks, the
benefi ts of cloud-based lending
outweigh the risks, and they are
looking for partners to transition
their infrastructure. Effective vendor
selection and onboarding remains
key to selecting a proven partner. In
addition, banks should conduct stringent
reviews of vendors' data security
approaches. (See sidebar, " Securing
the intangible. " )
" Throw a wide net and look at
three to four systems in detail, "
Renoux advises. " Ensure you are not
just looking at the shiny penny and
really dig into how it works and the
tech providers' references. "
From a 30,000-foot view, cloudbased
lending simply creates a new
option to compete with fi ntechs and
others when it comes to the customer
experience. Supporting customers'
needs and desires remains a fundamental
strength of community banks.
" All we're doing is the thing we've
always done: building processes and
procedures around our customers'
needs, " Waupsh says. " Focus on what
their need is and deliver it, and you
have to deliver now. The speed of
20
seconds
The time it takes for
some cloud-based
lending platforms to
return rates and terms
change is fast, so focus on what they
need and deliver it [quickly]. "
As community banks respond to
evolving demands, they will look to
drive new services, increase revenue
and enhance effi ciencies by keeping
their heads in the cloud and feet
fi rmly planted on the ground.
Colleen Morrison is a writer in Virginia.
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Independent Banker - November 2017

Table of Contents for the Digital Edition of Independent Banker - November 2017

Table of Contents
Independent Banker - November 2017 - Intro
Independent Banker - November 2017 - Cover1
Independent Banker - November 2017 - Cover2
Independent Banker - November 2017 - Table of Contents
Independent Banker - November 2017 - 2
Independent Banker - November 2017 - 3
Independent Banker - November 2017 - 4
Independent Banker - November 2017 - 5
Independent Banker - November 2017 - 6
Independent Banker - November 2017 - 7
Independent Banker - November 2017 - 8
Independent Banker - November 2017 - 9
Independent Banker - November 2017 - 10
Independent Banker - November 2017 - 11
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Independent Banker - November 2017 - 15
Independent Banker - November 2017 - 16
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Independent Banker - November 2017 - 18
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Independent Banker - November 2017 - 20
Independent Banker - November 2017 - 21
Independent Banker - November 2017 - 22
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Independent Banker - November 2017 - 28
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Independent Banker - November 2017 - 33
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Independent Banker - November 2017 - 70
Independent Banker - November 2017 - 71
Independent Banker - November 2017 - 72
Independent Banker - November 2017 - 73
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Independent Banker - November 2017 - Cover3
Independent Banker - November 2017 - Cover4
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