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Montana, NY Banks Strike Fintech Lending Partnerships

The two banks are seeking to reduce frictions and increase efficiencies in their lending programs

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  • Written by  Banking Exchange staff
Montana, NY Banks Strike Fintech Lending Partnerships

The National Bank of Coxsackie in New York and Opportunity Bank of Montana have established online lending platforms as more banks enter the digital arena.

The National Bank of Coxsackie — a $463 million community bank based in Greene County in New York — has launched a new digital small business lending platform, NBC Express.

Small businesses can apply for instalment loans via the bank’s platform and the entire process is completed digitally.

The initiative is part of the bank’s work aimed at growing its service provision while also seeking to enhance the customer’s experience in the process.

The banks’ chief credit officer Charlene Slemp said: “We understand that time is an invaluable resource to small business owners, and we want to make the process of obtaining a term loan or line of credit easy, fast, and hassle-free.”

Meanwhile, the Opportunity Bank of Montana has partnered with Teslar Software to streamline the bank’s lending process for both employees and customers.

Opportunity Bank is a Farm Services Agency guaranteed lender as well as being active in the residential mortgage space. In a statement announcing the partnership, it said it anticipated loan growth of up to 10% this year, adding that Teslar’s input would allow the bank to scale more efficiently.

“We want to be known not as a bank with some technology offerings, but rather as a technology leader that delivers banking services,” said Pete Johnson, chief executive of Opportunity Bank of Montana.

“Teslar allows us to track loans with complete accuracy and precision, ultimately saving borrowers and lenders time. We’re confident that Teslar’s platform is going to be instrumental as we strategically grow our portfolio.”

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