Pub. 10 2020-2021 Issue 5

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S January • February 2021 9 O ne reason some community financial institutions may be reluctant to adopt more digitalization is due to the belief that it leads to a more impersonal customer experience. applications, electronic signature capa- bilities, and remote document upload features to allow borrowers to com- plete PPP applications online at their convenience. Furthermore, technology on the back end of PPP lending enabled financial institutions to streamline un - derwriting and decisioning the deluge of borrower applications by eliminat- ing duplicative data entry and auto- mating key processes. The efficiency gains from the PPP technology allowed borrowers to access their much-needed funds more quickly. While this might have been the first time many commu - nity banks and credit unions have seen returns on a digitization investment, these same automation and efficiency gains can be found in other end-to-end lending solutions. Many financial institutions rec - ognize the important role technology plays in weathering the current crisis and driving future growth. For ex- ample, in June, Celent’s Corporate Banking Digital Channels Survey found that 41% of corporate banking executives are increasing investments in digital channel solutions, and 29% are accelerating projects. Technology SBA 504 WE MAKE IT EASY LET OUR TEAM HELP YOU SECURE THE DEAL AND LOWER YOUR RISK PREFERREDLENDINGPARTNERS.COM | 303.861.4100 Leveraged financing and refinancing of owner occupied real estate and long-term equipment. Most for-profit small businesses eligible. SBA defines businesses with net profit after tax <$5.0 Million and tangible net worth <$15.0 Million as small. • UP TO 90% OVERALL FINANCING • UP TO 25 YEAR TERM • FIXED-RATE is vital for an expanding institution, said Andrew Reid, executive vice presi- dent and chief credit officer of The Bank of San Antonio, to Abrigo in a recent white paper. “If you want to grow, you’d better have it,” Reid said. “Banking’s pretty black and white; it’s about loans and deposits, and if you’re making loans and deposits, you’re growing, and if you’re not, you’re not growing. And so what distinguishes banks today is service and technology. We built this bank around service with technology and being able to deliver, and technology-wise we can compete with anybody.” By having the digital capabilities to serve customers, financial institutions can be better positioned to accommo- date the cases in which customers need to visit a branch while continuing to speedily process online applications. Going forward, financial institutions will have to make a conscious effort to deliver high-level service with remote delivery. True relationship banking relies on institutions providing what customers want and need, whether on- line or in person. For more information on the ways that financial institutions can build relationships and drive growth during these uncertain economic times, read Abrigo’s latest white paper, “Beyond PPP: How Savvy Financial Institutions Can Propel Growth and Profitability with Technology.” n