Independent Banker - November 2022 - 32

PORTFOLIO
officer. " The necessities of a digital-first
approach were greatly magnified during
the pandemic, with many banks having
to close branches and rapidly adopt
new digital technology to address the
needs of the PPP [Paycheck Protection
Plan] loan. Providing a digital lending
experience and, at the same time,
maintaining a unique relationship
banking model is now a critical 'must
have' for most community banks. "
According to Kevin Wilzbach, director
of technology product management for
Wolters Kluwer Compliance Solutions,
providing digital lending opportunities
helps community banks stay true to
their mission by providing the best
customer experience.
◎FOCUS LENDING
Reaching small
businesses with
digital lending
Improving the small business loan experience is a great way to build
new relationships and deepen existing ones. We spoke with industry
specialists about the priorities for community banks as they build a
digital loan process for small businesses. By William Atkinson
igital lending capabilities are
quickly becoming table stakes,
particularly when it comes to small
business lending. It's critical for
community banks to have online loan
applications, process automation staff
skilled in digitization and more.
However, banks should first
consider their customers' needs
and the infrastructure and features
D
needed in a lending platform before
adopting a new digital strategy.
Benefits of digital lending
" Today's customer, whether consumer
or small business, has become very
comfortable and accustomed to
anytime, anywhere self-service, "
says Charles Potts, ICBA's executive
vice president and chief innovation
" Consumers have a growing
expectation to interact with financial
institutions via online and/or mobile
services, " he says. " Digital lending is
one specific area where community
banks can improve customer
satisfaction by reducing paperintensive
processes. Additionally, it
allows community banks to retain
existing small business customers while
improving efficiencies. "
" There are numerous reasons to
support a digital lending solution, " says
Michael Haedrich, a senior product
manager at Finastra. Doing so can help
community banks:
 Optimize the loan cycle
 Offer the ability to speed up the entire
process
 Make it easier to capture applicant
information
 Make quicker decisions
 Ensure a more consistent
lending process
 Provide convenience by offering its
use across multiple devices
 Take advantage of analytics
According to Haedrich, it's critical
for community banks to offer digital
signature as an option. " Not everyone
wants to sign electronically, but it needs
to be offered, " he says. " As our customer
32 Q ICBA Independent Banker Q November 2022
Photo by Dragana Gordic/Adobe

Independent Banker - November 2022

Table of Contents for the Digital Edition of Independent Banker - November 2022

Table of Contents
Independent Banker - November 2022 - Intro
Independent Banker - November 2022 - Cover1
Independent Banker - November 2022 - Cover2
Independent Banker - November 2022 - Table of Contents
Independent Banker - November 2022 - 2
Independent Banker - November 2022 - 3
Independent Banker - November 2022 - 4
Independent Banker - November 2022 - 5
Independent Banker - November 2022 - 6
Independent Banker - November 2022 - 7
Independent Banker - November 2022 - 8
Independent Banker - November 2022 - 9
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Independent Banker - November 2022 - 16
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Independent Banker - November 2022 - Cover3
Independent Banker - November 2022 - Cover4
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