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Patrick True

Patrick True is Risk Manager, Lending Solutions Division. Patrick is a 25 year veteran of the financial industry. He started his career with Commerce Union Bank in 1986 as a commercial lending officer. As Commerce Union eventually became Bank of America, Pat managed portfolios up to $100 million dollars as well as central underwriting functions for the bank’s Tennessee small business and SBA lending units. He is a graduate of Belmont University with a master’s degree from Middle Tennessee State University. Pat began his current position in 1995 and now serves as a Risk Manager for ProfitStars’ commercial lending solutions. He is the author of numerous banking journal articles as well as a motivational book recalling eight years he worked as a riverboat pilot on the Cumberland River prior to his banking career.

Recent Posts

Fun Sailing Terms that Also Apply to Financial Services

Posted by Patrick True

Apr 6, 2018 12:08:00 PM

 

 With the recent release of our whitepaper, “Smooth Sailing Through the Ideal Customer Experience,”  we began to wonder what other sailing terms might apply to the world of financial services. Many of these terms date back centuries and have survived changes to our English vernacular while being adapted for more general use. Maybe you’ve even recently heard some of these around your institution.

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Topics: Financial Services Industry, banking, financial institution, sailing

Closing the Loop as Our Commercial Lending Suite Evolves

Posted by Patrick True

Mar 9, 2018 1:40:00 PM

Throughout 2017, the ProfitStars Lending Solutions team used the "S-curve graphic" to demonstrate the function of each system component. The S-curve followed the borrower’s journey through the lending process. While our competitors were building end-to-end functionality, our systems were designed to cover the full scope of small business lending, which went beyond end-to-end to include post-funding collateral management, portfolio management, renewals, and more.

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Topics: Relationship Management, Commercial Lending, Lending, fintech, loan origination, software, small business

Taming the Monster on Your Desk

Posted by Patrick True

Feb 9, 2018 1:30:00 PM

According to a recent study by the RadiCadi Group, the average person receives 121 emails a day while sending 40 emails in the same time span. There is no doubt that more people are competing for our time each year. This can often lead to a sense of overwhelming stress in our workplace when we cannot seem to keep pace with the glut of information we face every day. 

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Topics: Information Technology, Commercial Lending, Small Business Market, Lending, Data, fintech

Pay No Attention to That Credit Officer Behind the Curtain

Posted by Patrick True

Jan 26, 2018 1:40:00 PM

As a risk manager for a company that licenses financial technology, you might assume that I would be a huge advocate for the latest and greatest algorithmic tools to automate small business lending decisions. Without a doubt, technology exists today to access enough information to make an informed decision regarding almost any form of commercial credit. That said, I am extremely cautious about such thinking. I believe strongly in the use of technology to enhance the credit decision process and create efficiencies. But I also believe there is a marked difference between automated credit decisions and credit decision automation. The first produces a credit decision based solely on data. The second uses data and enhanced workflows to facilitate credit decisions in an efficient manner, thus saving cost and increasing profitability. You must ask yourself a simple question. What is the smart credit decision? Simply put, it is the decision that is right for your institution.

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Topics: Commercial Lending, Small Business Market, Lending

The Four Pillars of Relationship Management

Posted by Patrick True

Dec 15, 2017 11:00:00 AM

Studies show it costs between five and ten times as much money to win a new customer as it does to retain an existing customer, leaving no doubt that client retention has significant benefits. At the center of any client retention effort is your relationship management strategy, which brings us to the "Four Pillars of Relationship Management." These pillars represent organizational processes you can focus on to enhance your client retention efforts, regardless of which loan product or service you are delivering.

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Topics: Commercial Lending

The Six Ps for Success in Selling

Posted by Patrick True

Dec 1, 2017 11:00:00 AM

There are six universal truths in selling, regardless of whether you are dealing with a loan product or a business service. These truths can be particularly beneficial to young lenders learning to sell financial services. Amazingly, all six of these truths begin with the letter “P.” Who knew? So, whether you are a new sales professional or a seasoned veteran responsible for hiring and mentoring new associates, I offer these thoughts to ponder as you prepare your team and prime your sales process for the new year.

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Topics: Commercial Lending

Integrated Portfolio Management Strategies Allow Credit ACE to Shine

Posted by Patrick True

Nov 17, 2017 11:00:00 AM

The rise of integrated portfolio management systems will have a significant impact on credit officers’ ability to evaluate the condition of their commercial portfolios and take quick action when needed. Throughout the years, we have discussed the Credit ACE formula associated with commercial loan management functions.

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Topics: Commercial Lending

5 Emerging Game Changers in Commercial Credit Risk Management

Posted by Patrick True

Nov 8, 2017 7:00:00 AM

As the financial services industry enters 2018, technological advancements within the sector are beginning to have a significant impact on the way credit risk managers, from chief credit officers to front line lenders, handle their responsibilities. Five emerging trends are likely to reshape the business of commercial lending in the months and years ahead. Many of you are likely already seeing some of these changes in your institutions. The business of commercial lending is in the midst of a renaissance that has the ability to significantly enhance communication between lenders, their clients, and their prospective clients.

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Topics: Risk Mitigation, Commercial Lending

The Next Wave of Fintech: Software as a Strategy

Posted by Patrick True

Aug 25, 2017 11:00:00 AM

Industry observers estimate that there have been as many as 4,000 fintech start-ups since 2010 in the U.S. and the UK alone. These companies reside in all sectors of financial technology, from lending to payments and beyond. This surge in development has generated a lot of excitement in both the retail and the commercial space. It has also triggered a new wave of discussions in the area of vendor management practices, where regulators are starting to focus their attention. No doubt, your financial institution has considered utilizing new third party software for many different functions in the past two to three years. But the market is now evolving beyond software.

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Topics: Commercial Lending

The Evolution of Small Business Lending – Online and Mobile

Posted by Patrick True

Jul 14, 2017 11:00:00 AM

 

The dynamics of small business lending have been changing rapidly over the past ten years. Born initially from the fintech lender movement, small business owners are now turning to online loan origination processes in greater numbers. Why? Having forged their expectations as consumers of personal loan and mortgage solutions in the early 2000s, these consumers-turned-business-owners now demand those same efficiencies in the enterprise arena.

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Topics: Commercial Lending

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