Over the years, banking has come a long way – we’ve gone from vaults of gold and banknotes to today’s ATMs, online payment systems, and mobile banking, etc. And the new technologies are growing. However, when it comes to business lending, the industry has more or less stayed the same. Here’s the scenario: a business owner goes into a brick-and-mortar bank and applies for a loan; then, after waiting months he or she either gets denied or accepted. What’s changed?
Despite this, business banking is on the verge of a huge revolution. Just as innovation in consumer banking has changed how people bank, there are many solutions for business banking. Banks that implement these technologies are finding more customers, increasing engagement, and expanding their business lending portfolios.
Types of Business Banking Solutions
Many solutions help you with the following aspect of business banking:
Finding Prospects: finding new business loan customers can be one of the most difficult parts of marketing for banks. There are solutions available to help you manage SEO, PPC, affiliate networks and all your other marketing channels.
Loan Application: the loan application itself can be a roadblock for many business owners. There are tools that help borrowers apply for loans online, which eases the application process, and in turn, increases the number of applicants.
Sales Process: some banks still manage their customers in spreadsheets, which can be a grueling process. CRM tools (customer relationship management) can help manage the sales process by giving your loan officers the visibility they need to make proper (and fast decisions).
Underwriting: Underwriting is time consuming, and when it comes to closing more deals, time matters. Several solutions help you more speedily prove a customer’s eligibility, so you can move on funding the loan.
Analytics: One of the most important parts of business banking is understanding where your customers come from, what profiles best fit your products, and how much revenue each customer generates. Analytics tools can help you measure these things so you can improve the overall process of application to closed deal.
This is not a comprehensive list of the business banking solutions out there, but it should provide a great start. Many of these tools work hand in hand to bring in more customers and close more deals. The more you optimize each aspect of business banking, the more revenue you drive.
Business Banking Solutions by Lendio
Lendio helps with business banking in several ways. First, Lendio finds potential borrowers from a variety of sources, delivering real-time business loan prospects to banks, credit unions, and other lending sources. Second, Lendio makes the application process fast and easy. And third, Lendio helps you manage your potential customers and optimize the sales process according to best practices. For financial institutions all over the country, Lendio is the top business banking solution for finding prospects, increasing closing rates, and expanding business loan portfolios.