Digital Banking is Revolutionizing the Banking Industry
27 January 2021The percentage of retail bank customers who access banking services daily via desktop apps has nearly doubled during the COVID-19 pandemic, according to BAI, a banking association.
Rather than risk the possibility of a viral infection, many consumers are checking out ways to do their banking that don't involve in-person trips to a bank lobby. This is especially true for small businesses that aren't eligible for a Paycheck Protection Program (PPP) loan.
If you haven't already made the switch, you should know that your options are multiplying. "Alternative lenders are emerging at a feverish pace," noted a pre-pandemic report by Moody's Analytics. Among other things, that report identified several stumbling blocks that small businesses commonly encounter when looking for credit, such as:
- Lack of knowledge of their credit risk and how they can improve their business credit standing,
- Opacity of banks' credit assessment process and expectations, and
- Inconsistent requirements among banks in terms of the lending process, necessary data and documentation.