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Customer Road Trip: 6 Lessons Learned About Small Business Lending

December 21, 2016
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I visited 20 customers (banks and credit unions) across the U.S. in the past few months and have learned six things that are common to almost all of them.

They want to:

1. Grow their loans, focusing on small business lending with a software solution that supports this growth.

2. Be more efficient and automate the life of the loan while eliminating data entry for their staff and removing silos of applications and data.

3. Receive advice from experts who know industry best practices, understand industry regulations, and have relevant benchmarks to apply.

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4. Have quick access to live support over the phone from people who understand the software they are using.

5. Improve the online experience for their prospective borrowers who are applying for a business loan, and modernize the process of tracking down data from their customers for renewals.

6. Reduce the amount of time and errors in setting the loan and lease losses reserve and do it in a manner that is defensible to auditors and examiners.

My recent visits with banks and credit unions represent just one of the ways that Abrigo actively reaches out to customers for feedback. As a company, we conduct hundreds of customer focus groups each year and constantly improve our products and introduce new ones to address our customers’ challenges and opportunities.

In the spirit of listening to our customers, we recently announced a new small business lending platform. As mentioned in our news release, “We’ve heard from our banking clients that, to really engage in small business loans, they need faster turnaround times and lower origination costs. That’s where our new Small Business Lending Platform helps institutions keep pace with the changing market in this segment.”

The Sageworks Small Business Lending Platform manages the full life of the loan, from online application through data gathering, decisioning, loan administration and portfolio management.  Please learn more about the platform here.

About the Author


Raleigh, N.C.-based Sageworks, a leading provider of lending, credit risk, and portfolio risk software that enables banks and credit unions to efficiently grow and improve the borrower experience, was founded in 1998. Using its platform, Sageworks analyzed over 11.5 million loans, aggregated the corresponding loan data, and created the largest

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About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

Make Big Things Happen.