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Is Small Business Lending Facing a ‘Moment of Reckoning?’

Gonzobanker

article , former Small Business Administration administrator Karen Mills said community banks with strong small business customer bases that don’t find new ways to serve them digitally are going to face a “reckoning.” Institutions are “spreading” financial statements for electronically provided tax returns or financial statements.

Lending 125
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Two Executive Views of Digital Transformation, and Why They Both Matter

Gonzobanker

Community banks and credit unions, in total, have 56 million. Last year, BofA’s digital channels accounted for 42% of total consumer sales, 68% of consumer mortgage sales and 74% of direct auto sales. These should be the new targets for mid-size and community institutions. Chase and other megabanks can report similar results.