20 www.azbankers.org How Innovative Solutions from BHG Financial Can Help Community Banks Thrive in the Digital Age Since BHG Financial’s associate membership with the AzBA, they have created partnerships with 10 Banks in Arizona that have purchased $45MM in high-quality loans. They currently work with over 50 state banking associations, providing high-quality loans and services to the various association members. While BHG Financial is an industry leader in providing high-quality loans since 2001, the company has evolved to encompass a full family of brands all designed around the unique needs of community banks. Fourteen-hundred-plus financial institutions partner with BHG Financial, a testament to their understanding of the community banking industry. It is only augmented by the fact that they are 49% owned by Pinnacle Financial Partners (a bank headquartered in Nashville, Tennessee), making them stand out among a sea of fintechs as a financial services leader with a valuable perspective. Maybe it is their unique perspective that has allowed them to partner with so many community bankers and surround them with proven solutions for successfully navigating a constantly shifting world. The growing importance of technology for banks and their customers Banks are all constantly being reminded of the need to embrace technology and the digital world, while trying to also maintain security, profitability and community relationships. Rather than a one-time, one-size-fits-all service, a community bank needs a true fintech partner that grows with them, fulfilling their needs today while simultaneously predicting and developing solutions for tomorrow’s roadblocks. Right now, this comes down to technology and the modern customer’s desire for a seamless online experience. According to a study by Chase, 99% of Gen Z and 98% of millennials utilize mobile banking daily for tasks that range from reviewing their account balances to checking their credit scores. A similar study by BAI shows that 58% of Gen Z prefer to open deposit accounts online rather than in person, while 75% of millennials would switch banks for a better mobile app. When the pandemic hastened the movement towards digital, BHG Financial was prepared; having always been innovators in financial services, they were able to quickly adapt and thrive. By investing in new technology, the company created a seamless online application process, driving easy customer applications and building loyalty even with the challenges of the pandemic. Currently, 40% of borrowers return to BHG Financial for additional financing. With the risk of identity fraud on the rise, BHG Financial invested in remote ID verification, allowing for quick and By Keith Gruebele, EVP, Institutional Relationships, BHG
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