Washington Bankers Association - SENIOR CREDIT CONFERENCE
According to PayNet President Bill Phelan, every bank should have a digital lending offer for small and medium-sized enterprises, which are largely under-served by banks. A digital lending capability can be done without brain surgery on the core, adding millions to shareholder value. At the Washington Bankers Association Senior Credit Conference, Bill presented a session on restarting business banking, "Awash in Transportation, Real Estate, and Tech: Digital C&I Lending for Small and Medium Sized Businesses." As he provided guidelines for retooling outdated processes into digital lending to reduce decision time from weeks to days, he pointed out that doing so could increase institutions' win rates by up to 30% and average margins by up to 50%. In fact, a recent McKinsey study he cited showed that a bank with a balance sheet of $250 billion could capture as much as $230 million in annual profit.
By joining the digital lending revolution, banks can take advantage of growth opportunities and accelerate their journey towards the ultimate goal of one-click commercial credit.