NovoPayment’s report, 2023 Nimble Bank Playbook, uncovered the factors that are slowing the digitalization of smaller banks and credit unions. It also indicated a rise in the number of leaders who are embracing banking-as-a-service (BaaS) alliances to compete fairly with larger financial institutions.
In line with this, Seattle Bank, has announced two new partnerships with LoanStar Technologies and JUDI.AI. Small business borrowers will have an easier time applying for loans thanks to Seattle Bank’s use of JUDI.AI’s business lending platform, which is supported by open banking and AI technology.
Additionally, the approval procedure only takes a few minutes as opposed to taking a week or longer.