United States, Kentucky, Louisville – 05-07-2019 (PRDistribution.com) —
Pennian Bank, headquartered in Mifflintown, PA, will deploy the digital lending technology platform provided by RCGILTNER Services, Inc (RCG). This technology will enable Pennian Bank to provide fully compliant, all-digital loans to consumers and small businesses in just minutes with underwriting completely under its control and branding, in-branch or out.
The platform utilizes responsive design technology, allowing borrowers to access the banks’ licensed lending site from any computer or mobile smart device via self-service, 24 hours a day. “Deploying the digital platform not only allows Pennian Bank to serve a new and growing segment, but also significantly reduces costs in delivering loans, typically under $30,000, because there is no loan officer involved and no paperwork produced – it’s completely digital. The average application is completed in less than 8 minutes and the borrower knows the amount of approved credit immediately. Funding takes less than 3 days for most of our client financial institutions but there is also an immediate delivery method for funds utilizing the latest debit card technology,” said Greg Schreacke, CEO of RCG. Digital lending is changing the way people are borrowing money. McKinsey and other industry analysts have identified that community banks face losing up to 60% of their retail or small business profits in the next five years to non-bank online lenders as digital delivery becomes widely used and preferred. “Digital lending for consumers and small business will be a key strategy for community banks to adopt to keep customer revenues and loyalty” Schreacke added. “Our technology is unique in the industry as we allow the financial institution to maintain control of the process, from underwriting through delivery of these loans that are booked by the bank.” About RCGILTNER Services, Inc. RCG provides digital lending technology to financial institutions and is headquartered in Louisville, Kentucky. The company recently announced a new Instant Overdraft product that serves the debit decline segment by presenting compliant options at the moment of a decline. For more information, please contact Robert C. Giltner at 502-640-1989 or [email protected].