It pays to know: digital lending’s three coolest features

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Chris Rentner Chris is the Director of Digital Lending at Velocity Solutions where he has responsibility over the Akouba™ and CashPlease™ solutions.  He is a successful serial entrepreneur, and prior to joining … Web: https://myvelocity.com Details The need for financial institutions to adopt digital lending technology, especially for consumer and small- to medium-size business loans, has been well-documented in recent years. The threat to financial institutions from non-bank digital lenders is real, with growth for this market expected to reach $122 billion by 2020—a ten-fold increase in only six years, according to the ABA State of Digital Lending Report. One reason for this exponential growth is the fact that today’s borrowers have come to expect end-to-end, omnichannel digital options, but unfortunately, according to Bain & Company1, only 7% of financial institutions can handle products in this way.For the most part, community institutions still rely on manual processes for their small to medium-size loan decision-making, with only 13% of community institutions and 32% of larger ones offering instant credit decisions, according to the ABA digital lending report.Several reliable technology firms provide white-label, third-party digital lending platforms that fully digitize the application and underwriting process to increase efficiencies and enhance the borrower experience. For example, loans processed using manual processes can cost institutions $3,000 to $5,000 per loan2 and require some 28 separate, manual tasks. Conversely, using an automated, data-driven underwriting process costs approximately $600 to $900 per loan3 and employs only about nine separate tasks.3 Likewise, the average small business borrower spends about 25 hours filling out paperwork at three different institutions before obtaining a loan,4 when an automated solution can provide the same funds in five days or less with a far less frustrating user experience.So why haven’t more community financial institutions adopted this technology when the need is clear and a proven solution exists? One answer may be that financial institution executives simply “don’t know what they don’t know.” This statement is not meant as a criticism of anyone’s decision-making skills or management style. It is the blunt fact that we all have inevitable gaps in our knowledge about how certain technologies (heck, even some everyday items) work. According to the Harvard Business Review, this a cognitive barrier called the illusion of explanatory depth, and it can ultimately hinder leaders from adopting or developing innovative solutions.5Filling the digital lending knowledge gapMost financial institution executives are aware of and understand that the term “digital lending” refers to the digitization of all or parts of the loan origination and funding process. Borrowers using a digital solution typically initiate the loan process on a credit union’s website using a computer or mobile device. They get fast approval or denial of the loan amount, can accept the terms of the loan and sign most documentation using e-sign—all within minutes. Funding can be immediate or may take a few more days.However, what are other digital lending solution attributes that can grow loan volume, improve efficiency and translate into bottom line savings and increased income? Here are three you may not know:1. Loan Review & RenewalUsing your existing loan portfolio, digital lending technology can automate the entire renewal and review process, including the collection of loan data and communication to borrowers. The technology can provide a dashboard view of all annual renewals or interim reviews for snapshot or detailed information about your entire loan portfolio. Automating renewal and review processes can reduce your credit union’s costs by as much as 50%,3 while also minimizing the time required to access various resources from 4 to 6 hours to only 30 minutes.3 Just as important, team members previously dedicated to manual, paper-based tasks can now more efficiently meet member and institution needs elsewhere. 2. Financial Analysis & SpreadingWhile some digital loans can be managed entirely online, there are those, especially larger CRE loans, that may need human intervention. Cloud-based automated lending software automates manual input of borrower financial data, like tax forms, and eliminates the need to manually spread deals, rendering the lending cycle more productive. Beyond gathering documentation, financial analysis and spreading—for instance, calculating Debt Service Coverage (DSC) and Global Debt Service Coverage Ratio (GDSC) ratios for business loans and debt-to-income (DTI) ratio for consumer loans—can often take 90 to 120 minutes, depending on the capabilities of the credit resource. However, with digital lending technology, time to perform spreading is reduced from an average of 30 minutes to 5 minutes or less,3 and average ratio calculation can be completed in less than 10 minutes, instead of the average 45 to 60 minutes.33. Data-Driven Marketing & TargetingBy analyzing your members’ existing share draft accounts, a digital lending platform can identify qualified prospects likely to borrow from your credit union, including those who currently turn to alternative sources such as fintechs or other online lenders, competitive institutions like other credit unions or banks, or even payday lenders. A data-driven system can identify quality creditworthy borrowers who have a high likelihood of converting into a digital loan product and then provide targeted omnichannel engagement (via print, email, text message, etc.) to communicate to these members. These are only three features of digital lending technology that you may not have already known. Are there others? What you don’t know may be costing your credit union time, money and, most importantly, members.1 https://www.bain.com/insights/retail-banks-wake-up-to-digital-lending/2 https://www.bai.org/banking-strategies/article-detail/making-small-business-loans-profitably3 Akouba by Velocity Digital Lending Platform Internal Data4 https://www.newyorkfed.org/smallbusiness/Fall2013/index.html5 https://hbr.org/2012/05/discover-what-you-need-to-knowlast_img read more

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Amateur Athletic Union program takes the game outside

first_imgBINGHAMTON (WBNG) – Alpha Tier Athletics is taking practices outside for the 2020 season. “Our bond is really strong and coming from last year to this year it’s even stronger,” said Greene basketball player Kylee Peck. The program is designed to get high school girls in front of college scouts at games and practices. Alpha Tier Athletics alumni, Bree Fargnoli, just graduated from Chenango Forks High School. Fargnoli is now off to Hartwick College in just a few weeks to begin her college basketball career. This weekend the real test begins. The girls will begin traveling along the East Coast for tournaments. With all the precautions taken the players said they aren’t nervous and are excited to be getting back to the game they love. The team is comprised of the best girls high school basketball players that the area has to offer. The girls spend the winters playing against each others at rival high schools but over the summer they come together for the love of the game. One Deposit/Hancock player, Laycee Drake, says they enjoy it more. For the girls currently on the team, they just finished their first scrimmage in Scranton. With high school gyms still on lock-down, the Amateur Athletic Union (AAU) program is practicing on different outdoor courts in the Southern Tier. The girls wore masks whenever not playing and no fans were allowed at the game. “They want to be there as much as you want to be there so it’s just get out and play,” said Newark Valley basketball player Brianna Beebee.last_img read more

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Trump frequently paid no federal income taxes in years leading up to presidency: NYT

first_imgSenate Democratic leader Chuck Schumer took to Twitter to ask Americans to raise their hands if they paid more in federal income tax than Trump.Calling the report “total fake news” at a White House news conference, Trump again cited an ongoing audit as his reason for not releasing his returns. In a statement to the Times, Alan Garten, a lawyer for the Trump Organization, said Trump had paid millions of dollars in personal taxes over the last decade, without weighing in on the specific finding of minimal income taxes.Trump’s consistent refusal to release his taxes has been a departure from standard practice for presidential candidates. He is currently in a legal battle with New York City prosecutors and congressional Democrats who are seeking to obtain his returns.He also previously indicated he preferred to minimize his tax bill, saying in a 2016 presidential debate it made him “smart.” President Donald Trump paid just US$750 in federal income taxes in both 2016 and 2017, after years of reporting heavy losses from his business enterprises to offset hundreds of millions of dollars in income, the New York Times reported on Sunday, citing tax-return data.In a report that Trump dismissed as “fake news,” the Times said the Republican president also paid no federal income taxes in 10 of the previous 15 years through 2017, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.The disclosure of previously private tax information came little more than a month before the Nov. 3 election between Trump and Democrat Joe Biden. Democrats were quick to seize on the report to paint Trump as a tax dodger and raise questions about his carefully groomed image as a savvy businessman. The Times reported that Trump was able to minimize his tax bill by reporting heavy losses across his business empire. It said he claimed $47.4 million in losses in 2018, despite saying he had income of at least $434.9 million in a financial disclosure that year.The Times emphasized the documents reveal only what Trump told the government about his businesses, and did not disclose his true wealth.The Times said it had obtained tax-return data covering over two decades for Trump and companies within his business organization. It did not have information about his personal returns from 2018 or 2019.The Times also reported that Trump was currently embroiled in a decade-long Internal Revenue Service audit over a $72.9 million tax refund he claimed after declaring large losses. If the IRS rules against him in that audit, he could have to pay over $100 million, according to the newspaper.center_img Topics :last_img read more

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CERN pension fund appoints CEO following Economou departure

first_imgThe CERN Pension Fund has hired a new chief executive, nearly a year after Theodore Economou announced his departure from the CHF4bn scheme.Matthew Eyton-Jones has previously worked in the area of pensions at UK retailer John Lewis Partnership, which earlier this year confirmed the closure of its defined benefit fund, and for consultancy Mercer, prior to joining the nuclear research facility’s pension fund in July. Additionally, he has worked for Goldman Sachs and Bank of America, studying at the Judge Business School at the University of Cambridge and at the London Business School.Eyton-Jones told CERN’s staff bulletin that he would work to ensure its pension fund became “a benchmark in the world”. He has previously acted as a trustee for the Villiers Park Educational Trust, based in Cambridge, and has spent a number of years as a Royal Navy reservist. Eyton-Jones’ appointment comes nearly a year after Theodore Economou announced he would not seek a further term as chief executive of CERN’s scheme, halfway through his second of two three-year terms as its CIO. Economou announced in January he would join Lombard Odier Investment Managers as its CIO of multi-asset, and more recently was named chairman of the manager’s three pension funds investment committees.last_img read more

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Bug experts dismiss worry about US ‘murder hornets’ as hype

first_imgDon’t worry honey, the “murder hornets” are just hype!According to insect experts, people should “calm down” about the murder hornets unless you are a beekeeper or a honeybee.The Asian giant hornets were recently discovered in Washington and made headlines when they became nicknamed as “murder hornets.”Experts say the bugs can kill humans, but it only happens on rare occasion. Although, they can cause serious trouble since these giant hornets can kill off entire hives of honeybees.Washington Agriculture Department entomologist Chris Looney, who is working on the state’s search for these large hornets, says “They are not `murder hornets.’ They are just hornets,” and many other experts want to get rid of their nickname.Looney also said that “The number of people who are stung and have to seek medical attention is incredibly small.”Hornet, wasp and bee stings kill on average 62 people a year in the United States, according to the Centers for Disease Control and Prevention.With that being said, experts want Americans to know that these hornets are not coming to take over and kill people.“This is 99% media hype and frankly I’m getting tired of it,” said University of Delaware entomologist Doug Tallamy. “Murder hornet? Please.”For bees and the people who rely on them for a living this could be yet another massive problem, but it is not one yet.last_img
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Norman’s convincing win is no joke

first_img29 Aug 2015 Norman’s convincing win is no joke Saunton Golf Club’s Chris Norman scored a convincing win in the England Golf senior men’s and women’s Southern tournament at his home club – and he’s expecting a bit of ribbing.He’s the junior organiser at Saunton and he anticipates some teasing from the youngsters: “I think they might take the mickey a little bit – and let them do it!” he laughed.In truth, the juniors should be impressed. Norman notched up 75 points on the West course to win the men’s handicap prize. The men’s scratch prize was won by Geoff King of West Essex who had 63 points, pipping Norman on countback.The women’s handicap event was won by Wentworth’s Angela Deburca (pictured below) with 71 points, who was four points ahead of her closest rivals, Jane Rees of Minchinhampton and Roz Adams of Royal Blackheath. Rees won the scratch prize with a gross score of 63 points.Chris Norman was playing in a senior regional tournament for the first time and got off to a quick start. He was two-under par gross after 12 holes of the first round and eventually returned a score of three-over 74 for 39 points. The six-handicapper played the second round in 77 and amassed 36 points.Angela Deburca returned to golf a couple of years ago, after concentrating on her career, and is now keen to improve. She’s started on 20 handicap and had already come down to 11 when she teed off at Saunton. There she had scores of 32 and 39 points and is looking forward to another handicap cut.“It’s lovely to win but I’m just so pleased to have held my game together,” she said. “It was one of those days when things seemed a little easier than normal. I got the run of the ball and I putted well.”She also enjoyed the glorious weather: “The sun was shining and there are panoramic views from every corner of the course. I wanted to freeze it in my mind so I can draw on it in November!”Chris Norman echoed her: “This is a little corner of heaven. When I take the juniors out, I tell them that they’ll never see anything better than this.”Click here for full scoresCaption (top, from left): Geoff King, Jane Rees and Chris Norman, with their trophies.last_img read more

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Weir lone Kootenay players in hunt at Women’s Amateur; Baker, Crispin compete at Senior tourney in Victoria

first_imgChristina Proteau of Port Alberni is third at 1-under-par.The BC Women’s Championship is a 72-hole gross stroke play competition with a cut after 36 holes to top 40 and ties (based on a field of 60).The tournament concludes Friday at Christina Lake.Meanwhile, Kootenay golfers Cherie Baker of Creston and Roma Crispin of Balfour finished well down the pack at the B.C. Senior Women’s Tournament last month at Highland Pacific Golf Club in Victoria.Baker finished tied for 29th spot with a final score of 269.Crispin was two shots behind Baker in at 271 tied for 36th spot.Jackie Little of Port Alberni won the tournament with a three round total 232. Kate Weir, now golfing out of Swan-e-set Bay Resort but formerly from Trail, currently sits tied for 19th after one round of the B.C. Women’s Amateur Championships Tuesday at the Christina Lake Golf Club.Weir, firing a round of 84, is 17 shots off the torrid pace set by A Ram Choi of Surrey.Choi carded an opening round 67 to hold a two-stroke advantage over Kyla Inaba of Kelowna.last_img read more

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Two women arrested during home burglary

first_imgTwo women were caught during a burglary at a home in Carndonagh last weekend.The women were apprehended after smashing their way into a home in Clos Padraig and ransacking the upstairs and downstairs rooms. Gardaí were alerted to the burglary at around 3.30am on Saturday 1st June. Entry was gained via the rear window and extensive damage was caused inside the home.Two women were caught at the scene, arrested and subsequently charged with the offence of burglary. They are due to appear at Carndonagh District Court.Two women arrested during home burglary was last modified: June 4th, 2019 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:burglaryCarndonaghlast_img read more

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How a meeting helped Erik Karlsson become comfortable with idea of coming to San Jose

first_imgSAN JOSE — Erik Karlsson and his wife, Melinda, sat down and talked face-to-face with Sharks general manager Doug Wilson and coach Pete DeBoer in Toronto earlier this month.Karlsson wanted to know more about the two men and the Sharks organization, and in turn, Wilson and DeBoer wanted to familiarize themselves on a personal level with the two-time Norris Trophy winner.“They were explaining about everything that they’re about, what they’re looking for and what they believe in,” Karlsson …last_img read more

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Might Warriors repay Durant by giving him max money, then trading him?

first_imgWill Kevin Durant re-sign with the Warriors or will he join the Knicks, Nets or some other NBA team?He could do both.There’s a new wrinkle in the season-long question surrounding Durant’s impending free agency, thanks to an ESPN report suggesting the Warriors could do a “delayed” sign-and-trade with their star forward.Brian Windhorst, appearing on ESPN’s “Get Up” Thursday morning, said the Warriors have talked with Durant about the possibility of signing him to a super max contract and …last_img read more

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