LOUISVILLE, KY – 02-05-2019 (PRDistribution.com) — Providence Bank is a $1 billion asset bank with locations in Missouri, Illinois and Texas. Additionally, Providence Bank operates the Providence Bank Mortgage Center and Providence Bank Agency Finance. Providence Bank will deploy the small business digital lending technology platform provided by RCGILTNER Services, Inc (RCG). This technology will enable Providence Bank to provide fully compliant, all-digital loans to small businesses in just minutes with underwriting completely under its control and branding.
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 not only allows Providence Bank to serve a new and growing segment, but also significantly reduces costs in delivering and monitoring loans, typically under $30,000, because there is no loan officer involved and no paperwork produced – it’s completely digital. The average application is completed in less than 8 minutes and the borrower knows the amount of approved credit immediately. Funding takes less than 3 days for most of our client financial institutions, but for those that desire faster fulfillment, there is an immediate delivery method for funds utilizing the latest debit card technology,” said Greg Schreacke, CEO of RCG.
Digital lending is changing the way people are borrowing money. McKinsey and other industry analysts have identified that community banks face losing up to 60 percent 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 and small business will be a key strategy for community banks to adapt to keep customer revenues and loyalty,” 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.
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