ABA, through its Corporation for American Banking subsidiary, has endorsed BizEquity’s Banker Office, a business valuation platform and performance service. Banker Office harnesses algorithms and big data to provide banks with the knowledge and tools to remain competitive against the recent rise of online alternative lenders.
The endorsement comes as banks see increasing competition for business loans from nonbank online and peer-to-peer lenders, which customarily base underwriting decisions on predictive analytics to speed up the lending process. Banker Office provides a similar data-driven platform to bank lenders, providing real-time insight into valuation decisions
“As a CEO, I have great interest in leveraging technology to help my commercial lending team gain a competitive advantage in a crowded and noisy market,” said Tom Petro, CEO of Fox Chase Bank, Hatboro, Pa, adding that Banker Office is “a service that commercially focused community banks can leverage for growth, and it’s a true value-add for the businesses they serve.”
“Our council identified a major need to help our members get closer to small businesses and to help prospect for business lending opportunities,” added Bryan Luke, chairman of ABA’s Endorsed Solutions Banker Advisory Council and president and COO of Hawaii National Bank, Honolulu. “After researching the industry leaders, ABA selected BizEquity, which has proven expertise in the business valuation and private company performance space.”
