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Opportunities for Institutions to
Drive Efficiency and Growth

Lending Challenges Remain, Despite Digitalization Efforts

2021 Business Lending Process Survey Results
This report outlines survey findings for financial institutions to optimize the lending process in order to please customers, members, directors, and shareholders.

get the full report     > LEARN MORE

About the 2021 Business Lending Process Survey

Top Findings and Insights for Institutions

"Financial institutions over the last year have faced unprecedented challenges trying to get capital to their communities – from ramping up for the Paycheck Protection Program to monitoring credit risks. Our survey shows the day-to-day obstacles many community financial institutions deal with daily. Technology has made it easier for many of their borrowers to apply, but many lenders are still using a largely manual process for business loans."

Jay Blandford, President of Abrigo

Commercial Loan Turnaround Time

Almost half (46%) of respondents said their financial institutions take at least five weeks to close a commercial loan.

Biggest Obstacles for Lending Teams

Nearly two-thirds of respondents said their institution re-enters the same data point for a loan in another field or system up to five times.

SBA Lending Plans after PPP

Nearly two-thirds of respondents said that their institutions plan to either maintain or increase their lending volume through the SBA this year.

Progress with Digital Lending Transformation

More than half of all respondents in Abrigo's survey said their institutions accelerated digital transformation plans as a result of the pandemic.

Abrigo surveyed nearly 250 lenders, credit analysts, chief credit officers, chief risk officers, and other professionals
involved in the lending and credit risk process from financial institutions across the country.

Discover how to embrace digitalization at your institution.

Download the Full Survey Results

While financial institutions are recognizing the value of digital transformation, the results gleaned from the survey show that there is significant room for improvement for more efficiency, automation, and reduction in manual processes.

USE THE REPORT TO UNDERSTAND:

  • Key areas of inefficiency among peer institutions
  • Most common roadblocks in business lending
  • How recent trends have impacted technology adoption