IBC Bank has launched a partnership with commercial lending FinTech Finanta.
“By integrating Finanta’s advanced commercial lending platform, IBC Bank will accelerate its digital transformation in commercial lending and unleash incremental business value,” the companies said in a news release Tuesday (Nov. 5).
As part of the partnership, Finanta has rolled out a suite of new technologies at IBC to bolster the lending process, including automated commercial loan origination, collateral management and digital credit analysis and presentation tools.
“We’re focused on transforming our commercial lending operations to better serve our clients. Finanta is helping us achieve this transformation,” IBC Executive Vice President of Operations Dalia Martinez said in the release.
“Finanta’s automation and financial analysis tools will enable us to make faster, smarter decisions, which should result in better experiences for both our team and our clients.”
The partnership comes as the need for “on-demand, friction-free access to working capital is rising,” as PYMNTS wrote earlier this week, with businesses looking for solutions that align with the speed and complexity of their industries.
From business owners looking for the perfect working capital solution to banks racing to keep up, data in the PYMNTS Intelligence report “2024-2025 Growth Corporates Working Capital Index,” commissioned by Visa, showed that flexibility and personalization are the new standard.
“Still, the road to flexibility and personalization is paved with challenges,” PYMNTS wrote. “Legacy systems — those clunky, outdated tech stacks that banks rely on — aren’t compatible with the speed and agility that today’s market demands.”
Beyond that, regulatory hurdles are a burden, particularly as banks scramble to implement these new tech-driven solutions. There’s also the cost of transitioning to cutting-edge artificial intelligence-powered platforms — something that’s not easy for even the biggest players.
Data indicated that over 80% of chief financial officers and treasurers have used working capital solutions, marking a 13% increase year over year. However, these finance function leaders are no longer content with generic, one-size-fits-all offerings; they seek tailored financial services that align with their strategic growth agendas and operational realities.
“No longer satisfied with the status quo, forward-thinking finance teams want solutions that cater to their specific industries, spending patterns and business requirements,” PYMNTS wrote.
“The approval process is a hurdle CFOs and treasurers face in securing working capital. Despite the common perception that the cost of capital is a concern, CFOs and treasurers report that approval speed is often a more critical factor.”
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