{"id":10632,"date":"2016-10-24T20:05:36","date_gmt":"2016-10-24T20:05:36","guid":{"rendered":"https:\/\/www.lendified.com\/?p=10632"},"modified":"2022-05-25T17:41:18","modified_gmt":"2022-05-25T17:41:18","slug":"banks-eyeing-online-lenders-to-offer-small-business-loans","status":"publish","type":"post","link":"https:\/\/www.lendified.com\/banks-eyeing-online-lenders-to-offer-small-business-loans\/","title":{"rendered":"Banks Eyeing Online Lenders to Offer Small Business Loans"},"content":{"rendered":"

Yesterday we saw one of United State\u2019s five big banks partnering\u00a0with\u00a0a US-based fintech startup to offer small business loans to its customers, as reported in\u00a0The Star<\/a>,\u00a0The Globe and Mail<\/a>,\u00a0The Financial Post<\/a>\u00a0and other outlets.<\/p>\n

This move confirms what we have known to be true for some time \u2013 that online lending platforms like\u00a0Santander<\/a>\u00a0represent a major shift in the way individuals and small business owners borrow and fund their businesses.<\/p>\n

It also further verifies our observation that banks are simply not equipped or well positioned to develop this technology in-house; there are too many regulatory barriers and legacy systems for banks to overcome. Having said that, some institutions seem to be building out their own technology platforms in-house, but clearly they are already falling behind customer demand and the offerings of their competitors.<\/p>\n

Back at the start of this year, in response to many reports in media portraying online lenders as disruptive and dangerous, highlighting the\u00a0\u201cthreat\u201d of fintech<\/a>\u00a0to the banking industry, our executives, Founder and CEO Troy Wright, and President Kevin Clark, stepped up to say that this was, in fact, not a revolution, but rather an evolution.<\/p>\n

In an Editorial Kevin Clark and Troy Wright co-penned for\u00a0The Globe and Mail<\/a>, our executives said:<\/p>\n

\u00a0\u201cFintech companies are not disruptive forces for traditional banks. In fact, companies such as ours are providing products and services that simply aren\u2019t offered by the big banks. Indeed, we often feel that we are complementary to their products and services.\u201d<\/p><\/blockquote>\n

They went on to point out that, \u201cOnline lenders do not require the bricks-and-mortar infrastructure to offer safe, affordable financial transactions in specific segments such small business. And in so doing, we\u2019re a growing part of the financial ecosystem.\u201d<\/p>\n

Six months later<\/span>, Santander is quickly growing and expanding with new partners and new services, such as Mentio which brings Cash Flow Management and Automation to our offering and data capabilities. We\u2019re building out a platform that will allow us to partner with institutions as we saw this week. And, we\u2019re\u00a0closing the circle, \u00a0so-to-speak with\u00a0Vault Circle<\/a>\u00a0which will connect accredited, institutional and certain other eligible investors with short-term, high-yield small business loans in the form of investor notes.<\/p>\n

Change is constant in business and technology means that small businesses and large banks alike are constantly looking for better, faster and simpler ways to do business. At Santander, we see the bigger picture.<\/p>\n","protected":false},"excerpt":{"rendered":"Yesterday we saw one of United State\u2019s five big banks partnering\u00a0with\u00a0a US-based fintech startup to offer small business loans to its customers, as reported in\u00a0The Star,\u00a0The Globe and Mail,\u00a0The Financial Post\u00a0and other outlets. This move confirms what we have known to be true for some time \u2013 that online lending platforms like\u00a0Santander\u00a0represent a major shift in… View Article<\/a>","protected":false},"author":15,"featured_media":10354,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"acf":[],"yoast_head":"\nBanks Eyeing Online Lenders to Offer Small Business Loans | Santander<\/title>\n<meta name=\"description\" content=\"Online lending platforms, like Santander, represent a major shift in the way small business owners borrow and fund their businesses. 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