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Midwest Bank partners with Lendsmart to scale digital lending and home-buying

Latest in slew of banks expected to invest in digital, as consumers opt for online

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  • Written by  Banking Exchange staff
Midwest Bank partners with Lendsmart to scale digital lending and home-buying

Monmouth, Illinois-based Midwest Bank is partnering with AI lending platform Lendsmart to scale its digital lending and home-buying options for customers.

The partnership will aid an efficient journey for customers by streamlining the process of acquiring a loan to buy a house, according to a statement from Lendsmart.

It will also seek to minimize lender risk and reduce operational costs.

“Our business was built on the relationships we have with our customers, and partnering with Lendsmart will allow us to offer them a superior experience when it comes to applying for a loan or moving into a new home,” said Chris Gavin, president and CEO of Midwest Bank.

Lendsmart digitizes much of the home-buying process, using Artificial Intelligence to accelerate steps in the mortgage application journey, resulting in instant approvals.

“With our technology, we’ll be able to help Midwest Bank significantly reduce loan origination processing time to close more loans and improve the borrower experience,” said AK Patel, founder and CEO of Lendsmart.

Increasingly, both large and community banks are investing in digital technology. In February, a study published by Capco and Wipro FullStride Cloud Services, revealed financials were preparing to increase investment in cloud technology over the next two years to boost revenue.

It found 62% of financial services executives believe deploying technology will improve financial performance, while 52% think it will drive future growth.

According to research, Generation Z tends to trust larger banks with greater resources and security with protecting their finances and information, although community banks can appeal to them by investing in shielded payments technology.

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In this Banking Exchange hosted webinar on June 28, 2022, at 2:00 ET, Jaspreet Singh, Head of A2A/P2P Commercialization, Visa Direct at Visa Direct, and Al Griffin, Product Manager at Alacriti, discuss:

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Webinar: Card Based Faster Payments in Today’s Digital Economy

Time/Date: June 28, 2022, at 2:00 ET

Consumers and businesses want instant gratification and the ability to move money in just minutes. From payroll to P2P to insurance benefits, demand is rising for instant disbursement. However, there are pain points in the current money movement ecosystem, and to address them, financial institutions need a payments strategy that addresses the dramatic rise in faster payments.

In this Banking Exchange hosted webinar on June 28, 2022, at 2:00 ET, Jaspreet Singh, Head of A2A/P2P Commercialization, Visa Direct at Visa Direct, and Al Griffin, Product Manager at Alacriti, discuss:

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