Learn how your financial institution can benefit from a digital transformation solution made just for community banks and credit unions.
Many smaller financial institutions feel left behind in the age of digital transformation. They may wonder if there is room for financial institutions that value building relationships, offering hands-on help, and keeping a smaller circle. At Accrue, we believe that every bank can and should benefit from digital transformation. We’ve made it our mission to help banks grow by offering the digital experience customers and employees expect today without requiring a huge budget or in-house IT team. Read on to learn how Accrue is helping banks like yours transform in as little as 90 days.
What’s Holding you Back?
The term “digital transformation” is broadly used and can mean many different things. You may be wondering what it looks like for a smaller institution like yours, if you can even benefit, and if it will be affordable. Many of the solutions on the market today are built with larger banks in mind, which leaves smaller banks with many misconceptions about how digital transformation can help them. For Accrue, digital transformation simply means updating old systems and processes to make your operations run more efficiently so that you can better serve customers without “breaking the bank” (pun intended).
Many smaller financial institutions are still using outdated, inefficient, and unnecessarily manual processes for tasks like application processing, document management, and customer relations. These inefficient processes prevent you from scaling and expanding your business. Whether your goal is to better serve your community with innovative offerings or you’d like to grow your bank to new locations, manual tasks limit the possibilities. By automating and digitizing even a few of the most time-consuming activities, you can improve efficiency immediately.
Many community bankers remember a time when you only had to compete with the other banks in your town. This time has long passed, with consumers today having seemingly limitless options in the palm of their hand. Losing customers to large national banks and even online-only banks or fintechs is a real concern today. The research confirms that many customers still want humantouch in their banking interactions, especially when it comes to big decisions like loans. However, they also want the convenience that only digital solutions can provide.
Smaller banks are all too aware of these problems, and yet, many haven’t yet made a move to address them. In fact, a study from Cornerstone Advisors revealed that 45% of bankers surveyed hadn’t launched a digital transformation strategy prior to this year. Many popular financial services media outlets repeatedly point to a “resistance to change” as the reason for this, but the truth is that digital transformation seems insurmountable to many smaller banks due to lack of resources.
What’s a Small Bank to Do?
Accrue is dedicated to helping banks improve efficiency and customer experience by becoming part of your team. That means you don’t need a large IT team or huge budget to start realizing the benefits of digital transformation. Accrue is an efficient and affordable banking and lending lifecycle platform that makes it easy to fund loans faster, work smarter, and boost compliance.
With Accrue, you can start off small, with very little commitment, with something as simple, yet powerful, as a digital loan inquiry form hosted on your website. You can choose to add many other automation features to gather additional documents and move a loan through underwriting from the start or add them later.
Accrue makes it easy to fund loans faster and increase revenue. Increase assets with online forms that prefill using existing customer data to make it easy for customers to apply for loans or make deposits. Enhanced analytics help employees grow existing accounts by reaching customers at the perfect moment with offers that resonate. Accrue also helps employees bring in new customers with automated marketing technology that enables them to nurture leads more efficiently and effectively.
When you use Accrue, employees can work smarter, not harder. They can create and manage documents digitally, expediting filing processes, preventing mistakes, and keeping your records organized. They can get data in realtime to make informed and fair business decisions. With automated workflows, prebuilt forms, and more, employees can focus their time on their unique skill sets rather than simple manual tasks.
The best part is, Accrue doesn’t just meet compliance requirements–it actually improves your bank’s compliance. Enhanced reporting and detailed record-keeping ensure you have everything you need to prove compliance in your next audit. Accrue is compliant with industry-standard protocols that provide additional security to your institution. Secure digital document upload for customers and third parties keeps your bank protected and makes customers feel safe sharing their personal information.
Get Started in 3 Easy Steps.
Ready to get started? Contact us today to talk through the processes we recommend to begin your digital transformation. Next, we’ll set you up and train your team for an easier way of doing business. Finally, you can start using your new system in as little as 90 days. We’ll be there to help with implementation and ongoing maintenance if needed. We understand your bank’s needs, and we’re ready to help. That’s the Accrue way.