Fidelity Bank, a $1 Billion asset bank in Scranton, Pennsylvania is deploying the digital, self-service lending technology platform provided by RCGILTNER Services, Inc (RCG) for Paycheck Protection Loans. This technology will enable the Bank to provide fully compliant, digital loans for this SBA program.
|The platform utilizes “responsive design” technology, allowing borrowers to access the banks’ licensed lending site from any computer or mobile smart device via self-service, 24 hours a day.
“Deploying the digital platform allows Fidelity Bank to serve customers digitally and efficiently, and in particular in this crisis environment.” said Greg Schreacke, CEO of RCG.
Digital lending is changing the way businesses and consumers are borrowing money. The American Banker reported that “banking activities that can be done remotely will grow, those that require venturing out will not.” McKinsey and other industry analysts have identified that community banks face losing up to 60% of their retail or small business profits in the next five years to non-bank online lenders as digital delivery becomes widely used and preferred.
“Digital lending for consumers will be a key strategy for community banks to adopt to keep customer revenues and loyalty particularly in the coming months” Schreacke added. “Our technology is unique in the industry as we allow the financial institution to maintain control of the process, from underwriting through delivery of these loans that are booked by the bank.”
RCG provides digital lending technology to financial institutions and is headquartered in Louisville, Kentucky. For more information, please contact Robert C. Giltner at 502-640-1989 or firstname.lastname@example.org.