Tue, Feb 28, 2023: Two persistent problems in securing commercial loan documents

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4 impacts of reimagining your commercial onboarding according to EY

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Did you imagine the rapid advancement of digital customer experiences in the last 15 years? Uber didn’t exist, Apple released the iPhone 1, and Amazon prime began. As a result, almost every interaction requires an instant status update.

We see this with Uber rides, Amazon orders, and pizza delivery. However, as expectations rise from these digital capabilities in other consumer user experiences, most banks still offer a suboptimal experience, especially for commercial clients.  This reality has surfaced new competitors, such as FinTechs and non-bank lenders, onto the scene, competing quickly and digitally for the same borrowers.

Recently, EY leaders hosted a podcast sharing thoughts on the increasing need for banks to reimagine the client onboarding process for commercial clients and enable a digital experience for today’s borrowers. EY emphasized the importance of a seamless, user-friendly commercial onboarding experience to gain a competitive advantage in an otherwise slow-to-adapt industry.

Below is a summary of key trends from EY’s perspective:

  • Increasing need for a simple digital self-service portal
  • Providing better transparency in the commercial loan process
  • Decreasing the borrower's frustration with resubmitting information
  • Enhancing the borrower relationship through a digital experience

You can hear the discussion for yourself here

#aio #banking #commercial #credit #lending #futureofbanking #financial #decisionmaking

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