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How does digital banking add value for a busy entrepreneur?

3-minute read

In one word, simplicity. Being able to access key needs such as information, advice and even financing with the simple touch of a button is invaluable to a busy entrepreneur. Imagine the ability to view timely, relevant and valuable financial information and reports. Or, the possibility of having a loan approved in minutes without leaving your office. Even better yet, imagine turning on your mobile device, or logging into your account, and finding out that you have already been approved for a loan. These are just a few of the many benefits that digital banking can provide for entrepreneurs.

So what are some of the existing tasks, functions and tools that entrepreneurs can use to their advantage?

Key performance measurement

Mobile applications use real-time financial data to provide insights not only into the financial performance of your company, but will also compare your results to the industry in which your company operates. This feature will allow you to track key performance metrics, such as revenue growth, for comparison purposes.

Data driven advice and coaching

In addition to tracking a company’s performance, many mobile applications and online services also provide valuable insights to entrepreneurs by using artificial intelligence to interpret financial data and provide recommendations and insights on how to improve performance. Examples include trend analysis, which might suggest how a company might better manage its inventory, or even go so far as to recommend that the company invest directly in an inventory management system.

Direct online lending channel

Many financial institutions now allow entrepreneurs the ability to apply for, and in some cases, have small loans fully processed in a self-serve digital channel. With our client portal, existing clients can log into their account and, where qualified, see and accept loans that have already been pre-approved for them. In a matter of minutes, they can accept and have these loans fully processed, even see funds deposited in their account in 24 hours. Coming in the fall of 2019, both clients and non-clients will be able to use our client portal to apply directly for a loan and, in cases where the requested amount is below $100,000, the loan may be fully processed in real time, in a self-service manner, with approval provided in minutes and funds deposited within hours.

So packaged together, the positive impact for entrepreneurs is immense! They will have the ability to use mobile and online channels to track vital company information, receive alerts, recommendations and advice and ultimately if needed, apply for and have a loan approved for in minutes.

One thing to keep in mind if you want an optimal lending experience—both online and offline—is the importance of keeping your banker up to date on your situation so you can benefit from timely financing that best suits your business’s needs.