Small and medium-sized businesses (SMBs) play a huge role in keeping the economy alive – as employers, as entrepreneurs and active community members. SMB banking currently accounts for 20% of global banking revenues, generating around $850B in annual revenue for banks, according to McKinsey.

This means if you are a bank or credit union you can’t afford to NOT do small business lending.Episode 102 - Banking on Digital Growth Podcast with James Robert Lay andGord Baizley

Figuring out an SMB lending model that overcomes common barriers such as cost-to-serve, risk and efficiency is a key part of digital growth. So is building out a culture to thrive in small business lending. In Episode 102 of the Banking on Digital Growth  Podcast, James Robert Lay– best selling author of “Banking on Digital Growth” – has a discussion with JUDI.AI’s CEO, Gord Baizley about the cultural mindset of innovative SMB lenders, and the best way to blend relationship banking with technology and data.

Here are the three biggest opportunities to re-define small business lending as friendly, fast and profitable:

  • Speed – An efficiency play when it comes to manual processes such as loan application intake, underwriting and the annual SMB account review
  • Managing risk – A sharper assessment of credit risk translates into reduced loss rates and expand the SMB credit box.
  • Improving the customer experience – If you can pull off the first two, then this should already be happening. But we are also talking about aligning your advice and services pre- and post- lending.

If you are interested in overcoming common barriers to SMB lending, tune into this 30 minute podcast, and contact JUDI.AI to explore the real-time cash flow difference. Thanks to the team at the Digital Growth Institute for giving JUDI.AI the opportunity to share our thoughts.