PPP Successes: Fintech Partnerships that Work

By Charles Potts

When you have to shift your operational plans in a hurry, it’s important to have a partner who understands your needs and those of your customers. Certainly, we can say that we witnessed this first-hand as community banks ramped up to offer loans through the Paycheck Protection Program.

Launching a new lending initiative during a pandemic was a challenge in itself, but add in closed branches, remote customers, and government provisions, and community banks faced a trifecta of issues in entering this brave new world of lending. I’ve previously shared how banks stepped up and reimagined their programs, but how they made the transition is also important. In many cases, it was with perseverance, creative thinking, and a lot of sweat equity, but finding a fitting technology provider also played a role.

ThinkTECH alumni like Lendsmart, which offers an end-to-end loan-processing solution, Teslar, which offers an automated workflow to efficiently collect and manage documents, and Botdoc, which provides secure digital document transport, have put in the time to understand how community banks work and meet the needs of their customers.

Making PPP Loan Processing Frictionless