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6 realities for banks about lending to small businesses

Abrigo

Understand and meet the desires of millennial borrowers, who will constitute 75 percent of the workforce by 2025. Battle increased pressure from alternative lenders and fintech, which means the process at banks needs to be fast and competitively priced. Community banks worry they are in a lose-lose situation.

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LendKey And Unlocking A Generation Of Borrowers For Small Banks And Credit Unions

PYMNTS

And that, Passione said, is an opportunity for lenders who, in the years since the Great Depression, have found themselves struggling to build relationships with millennial consumers and who have taken a sort of “chilly” outlook toward traditional financial institutions (FIs). There are currently 13,000 community banks in the U.S.,

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Real-Time Payments Have Numerous Real-World Applications

PYMNTS

Earlier this month, payment company PayFi and The Clearing House (TCH) partnered to bring real-time payments technologies to the community banks. percent CAGR between 2018 and 2025. Adoption depends greatly on partnerships to make RTP more accessible. The gig economy’s functionality is tied to real-time payments.

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