The approval percentage for small business loan applications climbed yet again at small banks, reaching 49.9 percent, according to the Biz2Credit Small Business Lending Index. Approval rates at large banks (those totaling more than $10 billion+ in assets) also rose, reaching a record high of 27.5 percent.
Minneapolis, Minn. // www.wolterskluwer.com
Online Applications can empower community banks and credit unions to provide a new digital sales channel to reach new customers and grow loan volume, all without the overhead of additional branches. OLA enables lenders to accept applications without requiring customers to physically enter a branch, and completion of applications online vastly reduces lenders’ manual data entry, cuts overhead and streamlines lending processes.
Why are so many chatbots female?
By Alaina Webster, Managing Editor
Chatbots and digital assistants are everywhere. Start typing questions in a chatbox on a website, and there’s a good chance you’re not conversing with a living, breathing human. And whom did you consult about the weather this morning? Did you tune into your local news station, or did you simply ask Alexa while standing in your closet, trying to decide how many layers you’d need?
By Michael Kiella
Editor’s Note: BankBeat asked academics and marketers to weigh in on how behavioral economics is transforming the industry. This is part one of a two-part series.
Patterns of behavior, including how a customer feels — their emotional state when they are interacting with banking professionals — is valuable information in creating successful transactions and relationships. If bankers know the behavior of a group inside of its customer base in data-analytical terms, and know how their customers feel when they are interacting with their financial selves, it makes it easier to offer products and services that the customer may not know exist. This is behavioral economics applied to financial services.
Since AI’s inception in 1956, in the form of “a machine that could think,” AI continues to evolve and impact society, businesses and humanity. Its cognitive tools have systematically reshaped how people and companies interact and possess the power to radically transform business exchanges and human capabilities.