High Touch through High Tech: Your Competitive Advantage to Small Business Lending

Traditional lenders have the advantage of personal, long term customer relationships, but when does speed and efficiency overwhelm pricing terms and conditions? Some lenders may lack the ability to adequately assess risk aligned to policy rules in order to expedite lending decisions. With stronger competition and alternative lenders’ disruptive potential, traditional lenders are taking a closer look at automation, scalability and performance. One thing is for sure, financial institutions that achieve high touch through high tech are going to make faster and smarter small business lending decisions with less risk and longer term profits. In this webinar, David O’Connell, Senior Analyst at Aite Group, will discuss webinar profiles of the typical credit-seeking SMB based on an Aite Group survey of 601 U.S. SMBs in August 2016. Learn why SMBs borrow, when they borrow, where they seek credit, and how they feel about credit providers’ processes to help lenders and vendors compete in this thriving SMB Credit Market. Additionally, David K. Smith, small business lending subject matter expert at FICO, discusses the trends and technology implications. David will delve into venue and borrowing preferences, how SMBs like to do business, and expectations of lenders and how it fits into the community banking market, who is driving change and what technology will help drive the next wave of SMB lending. About the Speakers: David O’Connell is a senior analyst with Aite Group’s Wholesale Banking team, where his primary coverage area is lending. Broadly scoped, Mr. O’Connell’s coverage of lending encompasses the small-and-midsize-business market, commercial and industrial markets, automation’s benefits for scaling lending operations, fraud deterrence in lending, the application of business intelligence to lending, and Dodd-Frank Act stress-testing requirements. David Smith is Lead Consultant, Applications Line of Business at FICO. David has over fifteen years with FICO focusing on originations in the financial industry. His expertise in small business lending allows him to be a trusted advisor to the Small Business Administration and many other financial institutions in the US and Canada.