FIS Launches SMB Digital Lending to Streamline Small Business Loan Processes
16 7월 2024 - 9:00PM
Business Wire
Key Facts
- SMB Digital Lending leverages advanced data analytics and
machine learning to help banks profitably source, underwrite, and
fund loans of any size to small and medium-sized businesses.
- The solution, launched in partnership with Lendio, is FIS’
first in a portfolio of digital banking solutions to focus
specifically on loans for small and medium-sized businesses,
complementing existing services that cater to consumer lending and
large corporate loans.
- By streamlining the lending process for financial institutions,
SMB Digital Lending seeks to reduce barriers and bring down costs
for small and medium-sized businesses seeking funding in a
challenging economic environment.
FIS® (NYSE: FIS), a global leader in financial technology, today
announced the launch of its new SMB Digital Lending solution.
Created in partnership with Lendio, the nation’s leading small
business financial solutions technology platform, the solution aims
to reduce the barriers to funding for small and medium-sized
businesses (SMBs) by streamlining and automating lending processes
for financial institutions. The solution is FIS’ first in a
portfolio of digital banking solutions to focus specifically on
loans for SMBs and complements FIS’ existing services that cater to
consumer lending and large corporate loans.
“FIS’ SMB Digital Lending solution is a game-changer for
financial institutions and small businesses alike,” said Steve
Sabin, SVP, Division Executive, FIS Lending. “By partnering with
Lendio, we are leveraging our unmatched scale and reach in the
banking industry plus Lendio's advanced small business underwriting
technology and empowering financial institutions to profitably
serve their small business customers. The expansion of our digital
banking capabilities illustrates FIS’ commitment to serving the
entire money lifecycle—whether at rest, in motion, or at work—and I
look forward to seeing the positive impact the solution
brings.”
Why SMB Digital Lending Matters
According to the U.S. Chamber of Commerce, 99.9% of American
businesses are small businesses, representing 43.5% of U.S. GDP and
employing nearly half of America’s employed workforce. However, SMB
loan underwriting historically requires extensive documentation and
manual reviews, resulting in a costly and time-consuming
origination process. When combined with high interest rates, the
expense of SMB loans can be prohibitive for some borrowers, which
negatively impacts both SMBs and banks as banks continue to lose
revenue and market share and borrowers increasingly turn to
alternative lenders.
How SMB Digital Lending Works
As a cloud-native and API-driven SaaS solution, SMB Digital
Lending provides fully automated decisioning and loan boarding by
focusing on smaller borrowers. By combining large-scale data
science and machine learning with market-leading loan underwriting
expertise, it helps banks profitably source, underwrite, and fund
SMB loans of any size—ultimately seeking to make them more
affordable for the borrower.
The solution’s embedded transaction analytics will also generate
a holistic view of borrower health, pre-qualify SMB depositors, and
target them with marketing and sales outreach to simultaneously
help lenders generate additional revenue growth. Lenders looking to
acquire new customers also may benefit by being connected to FIS’
direct marketplace and embedded lending relationships.
SMB Digital Lending is also built to complement any financial
institutions’ current technology stack, including loan servicing
solutions from FIS and other providers, seeking to make it easy to
adopt and provide an industry-leading digital customer experience
for small businesses.
“We are thrilled to partner with FIS, a global leader in
financial technology, to help bring this SMB lending platform to
banks across the country,” said Brock Blake, CEO and co-founder of
Lendio. “Our mission at Lendio is to fuel the dreams of small
business owners by simplifying small business lending. FIS’ SMB
Digital Lending solution is a perfect fit for that mission, as it
enables banks to offer a fast, easy, and transparent loan process
to their small business clients. Together with FIS, we are creating
a win-win situation for banks and small businesses, and we look
forward to expanding our reach and impact through this
partnership.”
Learn More
FIS’ SMB Digital Lending solution is available for immediate use
by financial institutions of all sizes, from community banks and
credit unions to regional banks, community development financial
institutions (CDFIs), and alternative lenders. Interested
institutions can contact smb.digitallending@fisglobal.com to learn
more.
About FIS
FIS is a financial technology company providing solutions to
financial institutions, businesses, and developers. We unlock
financial technology to the world across the money lifecycle
underpinning the world’s financial system. Our people are dedicated
to advancing the way the world pays, banks and invests, by helping
our clients to confidently run, grow, and protect their businesses.
Our expertise comes from decades of experience helping financial
institutions and businesses of all sizes adapt to meet the needs of
their customers by harnessing where reliability meets innovation in
financial technology. Headquartered in Jacksonville, Florida, FIS
is a member of the Fortune 500® and the Standard & Poor’s 500®
Index. To learn more, visit FISglobal.com. Follow FIS on LinkedIn,
Facebook and X.
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version on businesswire.com: https://www.businesswire.com/news/home/20240716307370/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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