Academic journal article ABA Banking Journal

ABA-Endorsed Platforms Help Banks Compete with Online Lenders

Academic journal article ABA Banking Journal

ABA-Endorsed Platforms Help Banks Compete with Online Lenders

Article excerpt

To help bankers stay competitive against the increasing presence of alternative online lenders, ABA, through its Corporation for American Banking subsidiary, recently endorsed two different lending tools. The first, Banker Office, is a business valuation platform and performance service from BizEquity, the world's largest and only patented provider of private company business valuation big data.

Our council identified a major need to help our members get closer to small businesses and help prospect for business lending opportunities," says Endorsed Solutions Banker Advisory Council Chairman Bryan Luke. "After researching the industry leaders, ABA selected BizEquity, which has proven expertise in the business valuation and private company performance space."

The advent of new technologies has seen traditional lenders facing stiff competition from online and peer-to-peer lenders in recent years, especially for commercial business. Online lending has been increasing at a rate of about 175 percent per year, while peer-to-peer lending platforms are expected to reach $350 billion by 2025. Banker Office uses sophisticated algorithms and big data to help bankers keep in step with the capabilities of their virtual competition.

For Tom Petro, president and CEO of Fox Chase Bank in Hatboro, Pa., Banker Office provides a competitive advantage for his lending team. "BizEquity provides a unique way to see a business through the eyes of the owner by understanding the value of the firm and the key levers that drive increased valuation," Petro says. "I believe it's a service that commercially focused community banks can leverage for growth. …

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