Independent Banker - November 2022 - 33

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base changes, convenience becomes
more critical, and electronic signature
is synonymous with convenience. "
Offering a combination of digital,
hybrid and paper closing options is
also critical, according to Wilzbach.
" This allows the lender to meet every
client's needs, " he says. " We believe
having a flexible digital closing
workflow will deliver the best borrower
experience, while creating operational
efficiencies for each participant
throughout the lending ecosystem. "
According to Potts, the most
important aspect to any digital lending
solution for a community bank is
making sure there is always a way
for the customer to engage with the
banker. " At all stages of the lending
process, the customer must know
there is a banker available to them
whenever they wish, " he says. " While
creating a frictionless, efficient and
seamless experience is critical to the
overall efficiency of a digital lending,
there should never be any technology
disintermediating the uniquely
" When you go digital, you open new opportunities
that you may have found unprofitable in the past
because of manual intervention. "
-MICHAEL HAEDRICH, FINASTRA
important relationship a community
bank has with its customer. "
Rolling out digital lending
What strategies can community
banks introduce to make their digital
lending program as seamless and
easy for small business customers as
possible? " When you go digital, you
open new opportunities that you may
have found unprofitable in the past
because of manual intervention, "
says Haedrich. He says it can enable
opportunities such as microloans in
the range of $100 to $1,500, bundled
products offered at point of sale and
preapproved credit card offers when a
customer applies for a loan.
" Banks can apply internal data
to make preapproved offers that
customers can accept online with a
few clicks, " he says. " This is taking
advantage of the analytics you now
have access to because of your
digital lending. "
Bringing staff on board
There are a lot of things community banks need to do well before
and during a rollout of digital lending, but one of the most
important involves the bank's employees. According to Charles
Potts, executive vice president and chief innovation officer for
ICBA, a proper deployment of a new digital lending solution first
begins with a well-crafted training and communication plan for the
bank and all its employees.
" Everyone in the bank should understand the strategy behind
deploying any new automation and be given a chance to engage
with the new solution(s) before a rollout to the customer base, "
he says. " Invariably, it is the employees of the bank who will know
and understand any pain points or objections a customer may
have that may hamper or jeopardize a successful launch of a new
service or solution. Being sure everyone has a chance to identify
any barriers, stumbling blocks or friction in the process is keenly
important to any new digital lending solution. "
It is also important to select a
provider that offers digital solutions
throughout the lending process,
according to Wilzbach. " This will
create a more seamless borrower
experience and provide significant
operational efficiencies to the lender, "
he says. " Selecting a trusted provider
with deep expertise in the digital
lending space, and one that can
provide solutions for all asset classes,
is a huge benefit in helping simplify a
lender's digital transformation.
He adds that community banks
should focus on solution providers
that can handle all variations
associated with a digital lending
closing. " Lenders may be hybridoriented
today or may need to support
wet-sign options as necessary, "
he says. " It's important to look for
solutions that support you across
the digital lending landscape as your
needs change. " 
William Atkinson is a writer in Illinois.
independentbanker.org Q 33
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Independent Banker - November 2022

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