How One Regional Bank Built a Platform to Compete with Online Lenders

Boston-based Eastern Bank hired a former Capital One executive, Dan O’Malley, to help the bank learn how it can compete with the growing online lending industry; through his research Dan learned that 5% of Eastern’s business customers used an online lender and the primary reason for this was quick access to capital; Eastern now has a competing product to offer small business customers and has even begun to license out their technology to fellow banks; Eastern believes their credit scorecard will allow for banks to utilize their new technology more than they would with an online lender because of their adherence to banking regulations.  Source


Sign In