CCBank will automate and expand its lending program for small businesses (SMB) with Lendio’s Intelligent Lending.
LEHI, Utah—Feb. 21, 2024—Today, financial technology platform Lendio announced that Utah-based CCBank has chosen the Lendio Intelligent Lending solution to power its small business lending.
Historically for banks, providing an entirely digital loan experience that serves the full spectrum of SMB borrowers has been a hurdle to scaling SMB banking, mainly due to the manual effort involved in traditional underwriting processes. Now, through Lendio Intelligent Lending, CCBank will be able to automate its underwriting processes, especially for smaller loan amounts, as well as more accurately determine small business health through sophisticated multi-source analytics, and leverage an industry-leading digital application experience.
“We’re committed to lending to our local and regional businesses, and deploying Intelligent Lending will allow us to expand the number of small businesses we can serve within our community,” said Matt Field, President at CCBank. “We believe that the sub-$500k SMB loan market is underserved and that Lendio is bringing much-needed innovation to the space. We are excited to partner with Lendio to serve both our existing community and widen the bank’s lending opportunities across the region.”
A software-as-a-service (SaaS) offering, Intelligent Lending allows banks and financial institutions like CCBank to cost-effectively assess risk and widen lending opportunities with SMB customers, including:
- Effective cross-sell: Pre-qualify and deploy targeted marketing to a bank’s existing SMB depositors using transaction analytics.
- Frictionless conversion: Provide a bank’s SMB customers with a self-service digital loan application prefilled with their data.
- Transaction-driven analysis: Leverage transaction data to predict outcomes and expand access to capital.
- Credit policy automation: Evaluate applicants against a bank’s loan policy with human-assisted or fully automated approvals.
- New customer acquisition: Banks can acquire new borrowers through the Lendio marketplace.
“CCBank is a tech and customer-forward bank that recognizes the need and the opportunity to innovate, especially when it comes to small business lending, and we’re thrilled to partner with them on this new offering,” said Brock Blake, Lendio CEO and Co-Founder. “Both Lendio and CCBank share being community-focused companies, and we know Intelligent Lending will directly support the communities CCBank serves by increasing access to capital. We’re excited to work together to push SMB lending to the next level.”
For more information on Lendio’s Intelligent Lending, please visit www.l.lendio.com/intelligent-lending.
About CCBank
Founded in 1993, CCBank is a community-focused financial institution with branch offices located in Salem, Provo, Orem, Pleasant Grove, Sandy, and St. George to serve the banking needs of Utah residents and businesses. The bank prides itself on being a longstanding community bank focused on the financial and social health of Utah communities through its industry-leading rates, personalized service, financial technology, and quick decisions made at the local level. The bank concluded 2023 with approximately $871 million of total assets and $127 million of equity capital. CCBank is an Equal Housing Lender | Member FDIC. Online: https://ccbank.com
About Lendio
Lendio is transforming small business lending by connecting small businesses, lenders, and small business service providers through a single integrated technology platform. We are on a mission to power an ecosystem that helps small businesses survive and thrive. Lendio provides purpose-built software that automates small business loan decisioning and underwriting for both banks and digital lenders, uses AI to match small businesses to the financing offers that best meet their needs, and embeds a full small business loan marketplace directly within small business service providers’ platforms – all of which work together to get small businesses access to the capital they need to be successful.
Read the full article here
