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3PR Digital Trends - Local Effort, Global Implications

In banking today, customer expectations are all about User Experience (UX) and User Interface (UI).  Ease of site navigation and speed matter.  Have you stopped to understand how a Fintech challenger in the U.S. can launch and gain hundreds of thousands of customers in just a few months?  Those same challengers are raising multiples of capital compared to what De Novo banks raise…and they are doing it in successive capital raises.


Nothing has brought banking strengths and weaknesses to the limelight like the ongoing SBA PPP loan program.  The plea for COBOL engineers to upgrade the SBAs 40-year-old platform in early 2020 is telling.  If you were a nimble, forward leaning community bank, you gained business during the PPP funding.


At the beginning of the initial PPP funding round, an article appearing on Techcrunch tells a story of frustration of a would be business customer seeking a PPP loan:


“My CTO wrote a snippet of code that extracted the data for each lender within 100 miles of our location, excluding banks we had already contacted. This gave us a list of 2,000 options we split between myself and the CFO.

We reached out to 100-150 banks and credit unions per day: 80% told us we needed to have an existing account to apply, 10% told us we could create a new account and apply but that it’d take a couple of days to do so and the remaining 10% were either wrong numbers, out of business or continual busy signals.” 

Forgiveness of many of those loans are now being processed and another round of funding on the way for qualified borrowers.  Thanks to community bankers like Jill Castillo in Edmond Oklahoma, community banks stand to gain again.  Nobody knows what the other side of this pandemic will look like. People do seem to agree that the opportunity is immense. Is your playbook prepared for America 2.0?  

​Our advisory services and compliance team have helped you get where you are today. We want to help your growth match your vision. Contact us today!

Let us develop a proposal to meet your needs.

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