Century Bank of Georgia, a $200 million asset bank serving three counties in Northwest Georgia, will deploy the MinuteLender® digital lending technology platform provided by RCGILTNER Services, Inc (RCG). This off-the-shelf, self-service technology with integration to their core processor, CSI, will enable Century Bank to provide fully compliant, all-digital loans to consumers and small businesses in just minutes with all branding, underwriting and operations completely under its control and branding.
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 Century Bank to serve a new and growing borrower 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 three days for most of our client financial institutions but there is 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 off-the-shelf, self-service digital lending technology to financial institutions and is headquartered in Louisville, Kentucky. For more information, visit www.rcgiltner.com or please contact Robert C. Giltner at 502-640-1989 or bgiltner@rcgiltner.com.
