Community banks have long played a pivotal role in supporting small businesses, providing the necessary capital for local entrepreneurs growing or expanding their ventures. It is estimated that community banks account for approximately 60% of small business loans, according to the Independent Community Bankers of America.
Despite their essential role, many community banks still operate with traditional, manual processes, missing out on the efficiency-enhancing benefits of technology. Approximately 80% of community banks with assets under $5 billion do not utilize a commercial loan origination system provider. However, embracing technology can be a game-changer for community banks looking to reduce lending costs, enhance efficiency and expedite the delivery of capital to small businesses.
