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Revolutionizing SMB Lending: Abrigo’s Innovative AI Solution to Boost Bank Efficiency

The number of Small Business (SMB) loans made by banks in the US increased to nearly 27 million in 2022, making it a prime target for growth in 2023. However, one of the major barriers to growth is efficiency. In a recent survey, 60% of banks revealed that efficiency was a top challenge in their small business lending endeavors.

Small Business Lending on the Rise in the US

Following the successful Paycheck Protection Program during the COVID-19 pandemic, many banks have built or deepened relationships with SMBs in their communities. Institutions have indicated that SMB is a continued target area for growth, making it a promising area for investment.

Abrigo and Charm Solutions Join Hands to Tackle Efficiency Challenges

In light of this, Abrigo and Charm Solutions have collaborated to offer “Abrigo Small Business Lending Intelligence,” which is embedded into the Abrigo loan origination platform. The platform provides real-time scorecards, including a loan risk rating score, probability of default, and details of how the score was calculated.

The engine leverages self-learning AI and monitors current and historical data, loan performance, accounting, and macroeconomic data from over 1,200 institutions to enhance decision-making by incorporating an array of data sources and leveraging analytics to gain actionable insights.

How Automated AI Can Help Financial Institutions Grow Their SMB Loan Portfolio

The Abrigo Small Business Lending Intelligence platform is transparent, notifying banks of changes that may impact their entire loan portfolio before they become an issue. The power of automation and AI enables financial institutions to provide the small businesses in their communities with the funds they need faster, while ensuring they have the right risk management controls in place for their lending processes. The Charm Solutions’ proprietary AI-technology helps thousands of financial institutions make faster and better decisions to grow their SMB loan portfolio profitably and move the economy forward.

Financial institutions can receive actionable insights and efficiently secure the best financing alternatives to grow their business by using Charm Solutions’ proprietary SMB Scoreā„¢ report to monitor SMB loans transparently.

The Abrigo and Charm Solutions partnership aims to streamline SMB lending operations by leveraging the innovative Abrigo Small Business Lending Intelligence platform to mitigate operational inefficiencies while empowering banks with actionable insights. With the power of AI, financial institutions can provide the small businesses in their communities with the funds they need faster and ensure they have the right risk management controls in place for their lending processes.

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