In the age of real-time, banks need to learn how to compete the convenience afforded by alternative lenders to keep their small business customers.
Eastern Bank has found a solution. Their built in-house online lending platform offers small business customers the "Express Business Loan" product. A loan for up to $100,000 that can be approved and funded in under five minutes.
The platform is already licensed to two additional banks, with more in pipeline. The partnership allowing smaller, community and mutual banks to compete with online lenders
From American Banker:
"While community banks have ties to Main Street businesses that give them a competitive advantage, they are at risk of losing some of their best customers unless they upgrade their lending technology, he said.
"We're wildly committed to making our partners a lot of money," O'Malley said."
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