Can a Bank Quickly Streamline Loan Underwriting With the Help of Fintech?
[vc_row][vc_column][vc_column_text]Read time: 5 minutes [/vc_column_text][vc_column_text] Introduction Manual underwriting processes make typical commercial loans (especially complex ones) extremely time-consuming for community banks and credit unions to analyze and underwrite. Financial institutions and lenders that use digital technology and tools, supported by risk assessments and artificial intelligence (AI), can process loans much faster and more efficiently. Companies […]
3 Reasons for a Bank To Tap Into Outside Loan Underwriting Services
[vc_row][vc_column][vc_column_text]Read time: 5 minutes [/vc_column_text][vc_column_text] Introduction The financial lending landscape evolves constantly and often community banks and credit unions falter when adopting new technology. You need to make sure customer data is safe for your reputation and make sure you have fast data access when undergoing audits, all while maintaining a competitive edge. An obvious […]
Want to Speed Up Your Commercial Loan Underwriting? Smart Scan Technology Automates the Process
[vc_row][vc_column][vc_column_text]Read time: 5 minutes [/vc_column_text][vc_column_text] Introduction MonJa’s automated underwriting system is the biggest value we provide to banks and credit unions. We help your financial institution to speed up commercial loan (C&I, CRE, commercial vehicle, SBA and other small business loans) underwriting by 70%. We do it with the help of MonJa smart scan technology. […]
5 Key Challenges that Banks & Credit Unions will face the most in 2020
[vc_row][vc_column][vc_column_text]Read time: 8 minutes [/vc_column_text][vc_single_image image=”10222″ img_size=”medium” alignment=”center”][vc_column_text] Introduction The banking and financial services industry has evolved in the past decade. With the emergence of digital banks and marketplace lenders, banks and credit unions are no longer the first port of call for credit and banking needs. The biggest challenge being faced by the industry […]
Is Your Bank Ready for Cloud Technology? Pros and Cons of Running Systems On-Premise vs. in the Cloud
[vc_row][vc_column][vc_column_text]Read time: 5 minutes [/vc_column_text][vc_column_text] Introduction Cloud technology can allow lending organizations scalability so even the smallest credit union or community bank can benefit. Care must be taken to ensure that sensitive financial information remains the property of the lending institution. The solution involves access to expert financial cloud-based software, accessible via portal logins. This […]
Automation Of Credit Underwriting For Banks And Credit Unions: 9 Reasons Why It Is Beneficial
Introduction The advent of technology has undoubtedly changed the way things function in the world. In times where people depended on traditional banking and other offline sources for loans, credit underwriting was a tedious and very long process for borrowers. Now, with lending accessible through digital platforms, credit underwriting has also had to evolve to […]
How Community Banks Implemented Commercial Lending Technology: 5 Success Stories
[vc_row][vc_column][vc_column_text]Read time: 11 minutes [/vc_column_text][vc_column_text]Community banks are rapidly becoming more competitive with the help of advanced commercial lending technology. Working with expert commercial lending software vendors, many small banks have significantly increased the number of loans processed for small businesses. The software can perform automated underwriting while utilizing artificial intelligence (AI) algorithms to produce accurate […]
Planning Your Journey To Digitization – A Guide for Banks
[vc_row][vc_column][vc_column_text]4 Minutes Read. Digital solutions are opening opportunities for financial institutions in small business lending and other services. Specifically, automation boosts process efficiency, reducing costs while raising productivity. For most banks, a third-party provider is the most practical source for small business lending software solutions. In order to successfully integrate a digital lending solution, your […]