Ranqx is committed to accelerating small business digital lending with real-time financial data, positioning credit unions to win 20% market share in commercial lending from banks and fintechs. Applying for working capital is full of friction for small businesses and it takes a long time to get to “yes.” By enabling efficient, real-time data-driven lending, Ranqx helps credit unions provide essential financial services to their small- to medium-sized business (SMB) members, fostering economic growth and financial well-being.
How a strategic alliance with Ranqx benefits credit unions
SMBs need access to working capital at fair rates to meet operating expenditures and fund expansion. Despite trust in credit unions, it hasn’t been easy for SMBs to apply and get approved for these loans. As a result, credit unions are highly underrepresented in commercial lending compared to banks, and fintechs are picking up a large market share at high interest rates. Due to these challenges, credit unions’ commercial portfolios are highly unbalanced and highly skewed toward real estate. The Ranqx Digital Lending Platform changes all of that, and swiftly enhances your digital lending capabilities.
Using the Ranqx digital lending solution, credit unions can:
- Drastically decrease costs with streamlined fully-digital processes
- Launch to market in weeks instead of months
- Configure scoring and policy decision engines to their own unique rules
- Increase data accuracy and compliance reporting
- Make faster, smarter credit decisions using an increased number of data points
- Monitor business performance real-time to manage risk
Why choose Ranqx?
Of the 32 million small businesses in the U.S., 69% that applied for financing either received none, or got less than they were seeking. Half are now using non-traditional financers. Ranqx enables credit unions to remove the friction and inefficiency in small business lending, positioning them to win market share from banks and fintechs and grow their small business portfolios.
Connect with Ranqx
Talk to one of our CUNA Strategic Services alliance managers to learn more about Ranqx. We’ll help you identify and evaluate the best solution for your credit union.
Ranqx has exclusive pricing and solutions reserved for CUNA Strategic Services and the credit unions and leagues we work with.
Credit Unions Are Failing SMBs
With over 140 million Americans as members of credit unions, it is estimated that at least 11 million of the U.S.’s 32 million SMBs are members – and credit unions are not meeting their working capital needs.