For the five years leading up to 2020, commercial banking was on a roll. Margins and growth had been solid. Improving efficiency was important, certainly, but not existential.
Then COVID-19 happened, and PPP was part of the response. Suddenly, every bank in the U.S. needed to execute a loan with every business customer. The need for efficiency went from a nice-to-have to a paramount requirement.
The PPP program presented an unprecedented challenge that banks had to respond to in record time. Dan O’Malley, founder and CEO of Numerated Growth Technologies, discusses how digital solutions have helped banks navigate PPP, and how those solutions and the lessons learned are shaping the future of commercial banking.
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