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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

Consider a GPS for Your Commercial Loan Portfolio

Posted by Patrick True

Jul 13, 2018 10:15:00 AM

 

Anyone who has spent time travelling or hiking sometime over the last ten years has witnessed an impressive increase in the use of global positioning systems (GPS). These devices and phone apps have become invaluable to folks who spend a lot of time moving from one place to another. The concept of GPS has also worked its way into other automated systems.

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Topics: Relationship Management, Commercial Lending, Customer Experience, fintech, banking, technology, user experience

Mobile Services--Not Just for Borrowers Anymore

Posted by Patrick True

Jun 29, 2018 12:02:00 PM

Commercial lending officers have witnessed mobile banking changing the landscape of general banking services in the last five years. In a recent study, CitiBank estimated a 25% increase in use of mobile banking during 2017. Each year, more clients request greater access to both informational and transactional services through their phones and tablets.

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Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

The Six Primary Benefits of Digital Lending Platforms

Posted by Patrick True

Jun 15, 2018 1:30:00 PM

No one knows the exact date the digital lending movement began. One thing everyone can agree on is that its roots date back to the dot-com era of the late 1990s – starting with mortgage lending and moving toward consumer lending. In the more recent, post-recession years, the movement has been advancing into small business and commercial lending.

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Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

Lending at the (New) Speed of Business

Posted by Patrick True

Jun 1, 2018 1:30:00 PM

 The length of time it takes for a financial institution to render a credit decision will vary widely across organizations as well as loan types. While small working capital obligations and unsecured debt may take only a day or two, commercial real estate and SBA loans can take several weeks for a decision and over a month to close.

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Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

All Rivers Lead to the Sea

Posted by Patrick True

May 18, 2018 1:30:00 PM

 

While all rivers eventually lead to the sea, the route you choose makes all the difference to your passengers and crew.

While the fintech movement has been getting a lot of press in recent years, it is simply a continuation of decades of advancement in financial technology beginning in the early 1980s. While the rate of change may have increased, the process and the motives remain the same.

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Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

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, Commercial Lending, 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

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