Banking CIO Outlook | Oct 31, 2017
Where and how small businesses access capital has changed a lot in the last few years. Although traditional sources like the local bank remain one of the first places an entrepreneur may look when seeking financing, other lenders, such as tech-enabled online lenders, are serving more and more borrowers that don’t even consider the bank. This increase in non-traditional competition has many banks re-evaluating how they approach small business borrowers and has caused them to focus on streamlining their origination processes to make them easier and faster.
This is a challenge faced by many banks. Andrew Kresse, CEO of Chase Bank Business Banking recently stated: “We want to be the easiest bank for small businesses to work with, and part of that is simplifying delivery of our products so they have more time to run their businesses.”