Bankers Using Technology as a Competitive Advantage
As regulatory costs, pressure and attention continues to focus on financial institutions’ non-interest income sources, bankers need to focus on alternative revenue streams. A heightened focus on small, privately owned business could be a boost for most financial institutions. But increasing pressure and competition from online lenders has hurt community institutions in this arena. As a result, the ABA has endorsed a product that provides big data and business valuation for small privately owned businesses that can allow financial institutions to compete with online lenders and provide more customized lending products to its prospects. This is just one way that community institutions are thinking outside the box to increase interest income streams. For more information or assistance please contact James Dowling (Audit Manager, MBA) (James.Dowling@marcumllp.com), member of Marcum’s Financial Institutions Industry Group.
See attached article entitled “ABA Endorses BizEquity’s Business Valuation and Performance Services ‘Banker Office’” by John Hall for more information.