As 2023 has shown, it’s imperative that business lenders incorporate modern technology into their loan origination process, or risk losing customers to more digitally-mature lenders. While adopting new tech is a focus for many institutions, choosing the right solution can be a difficult and time consuming process.
We recently sat down with representatives from Newburyport Bank, FVCbank, and HarborOne Bank to learn more about the factors they considered when selecting a business lending technology partner and what led them to select Numerated.
Questions to Consider When Evaluating a New Technology Partner
What does the partnership look like between the vendor and customer?
When choosing a lending solution, partnership is everything. Banks and credit unions want to work with a company that’s not just a vendor, but a partner they can build a collaborative relationship with to help them solve key challenges.
Chris Muracco, SVP, Director of Digital Banking at FVCbank, noted the importance of partnerships with fintech providers and what it means to the institution to have a partner like Numerated.
Here’s what he had to say, “Today we look at Numerated employees as fellow employees rather than a vendor, and that’s very big for us. We don’t just want a vendor, we want a partner. We want you to have the same success that we do, and we want success together.”
How will the provider drive efficiency and eliminate bottlenecks in the loan origination process?
Another important factor to consider is how the solution will solve for bottlenecks in your business loan origination process. With a wide array of available solutions and a finite budget, it’s key to identify exactly what processes a particular solution will impact and what the expected gain is, whether that be an increase in loan volume, faster decisioning, easier applications, or another focus area.
For many financial institutions, a primary goal for the business segment is transforming the customer experience to reflect the same level of efficiency retail customers receive today. To accomplish this, most lenders of regional size and below decide to outsource their technology and collaborate with a fintech partner like Numerated.
Stephanie Santos, SVP of Business Banking at Newburyport Bank, identified the frustrations she faces that have affected the experience of both business borrowers and back office employees. Additionally, she notes the increasing number of financing options that small businesses have today, and the need for technology to stand out in a crowded marketplace.
According to Stephanie, “One thing small businesses hate is paperwork. They hate having to gather financials. When you're a small business lender, having a system that isn’t easy for the customer can be very frustrating. Having that technology [Numerated], now, for employees is critical for us as a community bank, because there are so many other players out there.”
Do their values and goals align with those of our institution?
After identifying a digital lending solution that fits the needs of your institution, it’s important to understand the goals and values of the organization. Do they align with the values and goals of your institution?
Successful partnerships are created when two entities are working towards a similar goal. It’s also important that the vendor takes the time to clearly understand the short and long term goals of the institution, so they can better provide a bigger picture view of how the solution fits into those goals.
HarborOne Bank’s EVP, Chief Lending Officer Scott Sanborn weighed in to share his experience working with Numerated and the benefits of working with a partner that understands both the institution they’re working with and its individual goals.
“It was Numerated’s willingness to ensure our stakeholders understood the value and the partnership. That buy-in is the reason that we choose the vendors that we do, because we have trust. They understand our business, our strategic plan, where we’re going, and the resources we have available,” said Scott. “In our case, our technology side of the house wasn’t growing as fast as the bank. So, the fact that the Numerated team took the time to understand where we had strengths and where we had opportunities, really allowed us to navigate an integration that worked for HarborOne. Ultimately, I think that is the foundation for long standing partnerships, that type of onboarding confidence that you bring more importantly the ability to continually check-in to ensure that our experience is where it needs to be and ask questions about where we’re going. That’s the type of partnership that provides benefits for us long term.”
How will this vendor support future growth?
When seeking a new technology partner, having a clear understanding of how the vendor will support both long and short term growth is highly important. Newburyport Bank’s Stephanie Santos shares why Numerated is a great partner to drive growth both today and for the future of the institution.
“The larger the suite of services we offer, the more comprehensive our relationship with Numerated is going to be and it’s going to grow. We’re growing with Numerated and our customers are growing with us. It’s a nice synergy,” said Santos.
How will the vendor help mitigate hiring challenges the industry is facing today?
It’s no secret that financial institutions are facing a war for talent. Additionally, legacy lending and underwriting training processes limit time to value for new employees. As hiring challenges continue to impact growth for banks and credit unions, many are turning to technology to solve for these challenges.
FVCbank’s Chris Muracco shares how leveraging Numerated has helped drive efficiency in the training of their underwriting staff.
“It takes a long time to train someone on the spreading that the platform does automatically. To have a tool to help cover any attrition between employees is huge,” said Muracco. “If we had two underwriters leave within a month, look how far that puts your pipeline behind. This automation certainly helps mitigate that risk.”
Learn How Your Institution Can Partner with Numerated
While choosing the right tech partner for your institution can seem difficult and overwhelming, it doesn’t have to be. Numerated is here to help you transform your business lending at every stage of growth and support you at your own pace.
To learn more about how you can get started with Numerated, contact us today.
