Background
First Savings Bank, headquartered in Jeffersonville, Indiana is a community bank operating in fifteen depository branches within southern Indiana. First Savings Bank is a recognized leader in local communities and nationally for its lending programs. As FSB continues to grow, they have increased their focus on customer experience. This is an essential ingredient to their expansion plans to increase the bank’s footprint and delve into new areas nationally.
The Challenge
First Savings Bank wanted to improve their SBA application workflow. Given their extensive SBA footprint in the Midwest, FSB needed a best-in-class platform to take their lending program to the next level. They expressed interest in Biz2X’s SBA Platform to lift efficiency at the bank and continue to increase market penetration around the greater Midwest region. With the implementation of new technologies, FSB will continue to be a leading bank not only in their community, but also nationally.
The Solution
They decided to leverage Biz2X’s SBA platform to improve customer experience and make the overall application process as simple and seamless as possible. Thanks to Biz2X’s technology, FSB can offer improved online applications, user-friendly frontend and backend journeys and a state-of-the-art system to effectively underwrite and manage SBA loans.
The Results
First Savings bank went live with Biz2X in November of 2022. The bank looks to continue to improve their customer experience during SBA lending with an emphasis of increased volume. In 2023, FSB signed up for Biz2X’s broker portal to increase volume and engagement within the platform.
- App creation to credit team decision is about 13 days on average in 2023.
- 450+ decisioned applications year-to-date
- 800+ applications created in 2023
- $205,000 average loan amount approved.
