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Susan Griffin

Susan is Strategic Initiatives Analyst with Jack Henry & Associates’ (JHA) Strategic Initiatives Group (SIG) covering banking core systems and lending. She joined JHA in 2003 with over 15 years of experience in the financial technology industry. SIG provides an independent perspective of the banking and payments industry to JHA management. Susan’s experience in the banking industry has focused on banking core systems, retail delivery products for branch automation, as well as lending solutions for financial institutions. Prior to working in the financial systems industry, Susan spent 13 years directly working for banks in retail bank branch services, consumer lending, and commercial lending.

Recent Posts

Building Small Business Relationships in the Digital Age

Posted by Susan Griffin

Fri, May 03, 2019 @ 09:00 AM

Next week is National Small Business Week. As we celebrate the success of small businesses in our local communities, we’re seeing the number of financial service providers increase in a market that was once only served by traditional banks and credit unions. This has created a battle for market share like we’ve never seen before. The biggest differentiator that incumbent financial institutions have always been able to claim is that their business is built on relationships. Used to be, when a customer had a need relating to finances, they knew their bank was there for them.

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Topics: Commercial Lending, Digital, FI Operations

A History Lesson on Consumer Lending

Posted by Susan Griffin

Thu, Feb 07, 2019 @ 11:19 AM

Part 1: The Early U.S.

It’s always good to look back on how segments of banking originated based upon events or existing needs of the time. And, as the old cliché goes, you can't know where you’re going until you know where you’ve been. This is as much true in business as it is in life.

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Topics: Credit Unions, Financial Institution, Fintech, Community Banks, User Centricity

Understand Small Business Cash Challenges and Turbocharge Your C&I Efforts

Posted by Susan Griffin

Fri, Nov 30, 2018 @ 07:00 AM

 

There are currently more than 30 million small businesses operating in the US. While the large majority of these are non-employer businesses, approximately six million are firms with more than one employee. Small businesses account for more than 47% of the US workforce—which is almost 60 million people. As the economy has continued to expand, many of these businesses have sought working capital facilities in recent years.

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Topics: Commercial Lending, Small Business

A History Lesson on Consumer Lending - Part 2

Posted by Susan Griffin

Fri, Oct 12, 2018 @ 11:00 AM

Part 2: From the 1900s to the New Millennium

In the early 1900s, banks and finance companies were unwilling to lend to many poor laborers, who then turned to corrupt moneylenders and loan sharks, which defines the term predatory lending. Edward Filene, co-owner of the Filene Department Store (later referred to as Filene’s) wanted to give his workers a way to save their money or obtain credit when hard times hit. He formed a savings and loan association for employees which later became the Filene Employee's Credit Union. This helped to form the Massachusetts CU Association established in 1909 by Edward Filene. This later served as a model for the Federal Credit Union Act of 1934.1

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Topics: Credit Unions, Financial Institution, Fintech, Community Banks, User Centricity

Small Businesses … Big Opportunities

Posted by Susan Griffin

Thu, May 31, 2018 @ 08:30 AM

 

Small to midsize businesses (SMBs) have finally caught the attention of financial institutions (FIs), which now realize that serving this market provides an opportunity to generate untapped revenue. There are 30.2 million small businesses, which represents 99.9% of all businesses in the U.S; and according to the SBA’s Office of Advocacy, they employ 47.5% of the U.S. workforce.

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Topics: Credit Unions, Small Business, Financial Institution, Community Banks

Playing with Giants – How to Compete with the "Bank of Amazon"

Posted by Susan Griffin

Fri, Apr 20, 2018 @ 11:50 AM

 

A buzz term we hear a lot these days is GAFA – an acronym for Google, Amazon, Facebook, and Apple. The expansion of services offered by these tech giants (and others) is considered one of the biggest threats facing the financial services market. For the sake of this blog, I’m going to pick on Amazon, since it seems to have successfully moved into the small business lending space. 

"We've had three big ideas at Amazon that we've stuck with for 18 years, and they're the reason we're successful: Put the customer first. Invent. And be patient." Jeff Bezos, CEO, Amazon 

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Topics: Commercial Lending, Small Business, Financial Institution, Digital, Community Banks, FI Operations, Future Ready

Commercial Lending Officers: A New Endangered Species?

Posted by Susan Griffin

Wed, Mar 28, 2018 @ 11:00 AM

 

The ProfitStars’ Lending Solutions group released an excellent white paper in 2017, written by Patrick True, titled Searching for the Magnificent Seven: Critical Personality Traits for Commercial Lending Officers. As with many of Pat’s writings, he reflects upon his experience as a loan officer serving commercial customers in his past banking career. Covered in his paper are vital personal behaviors outlining honesty, drive, and ethical standards.

In addition to finding the right personality, trends happening in the industry are starting to demonstrate a shortage of candidates in the recruiting market. Many bank officers and staff are retiring or approaching retirement and financial institutions are finding it challenging to fill these positions. And millennials aren’t as interested in working for a bank or credit union, finding it either too traditional or offering little opportunity for advancement.

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Topics: Commercial Lending, FI Operations

Reputational Risk: Better to Learn From Others

Posted by Susan Griffin

Wed, Dec 27, 2017 @ 11:00 AM

“A brand is what a business does, reputation is what people remember.”  Ted Rubin, Social Marketing Strategist & Motivational Speaker

I love including quotes in my blogs as they are simple, to the point, and promote thought. I also remember my mother, another great philosopher, telling me “It’s better to learn from the mistakes of others.” It’s not to say that mistakes won’t be made. After all, we’re human and a mistake is bound to creep up every now and then. The same holds true with businesses. Businesses are owned and managed by humans.  

But there is a difference between “a mistake” and “bad behavior.” Both create problems, and how you deal with them can either help or hinder the predicament. The biggest distinguishing factor to resolution is one’s character or the culture of a business. It can either complicate the issue or lead to atonement. Unfortunately, whether a mistake or bad behavior, the latter is very hard to achieve and will always border on reputational risk.

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Topics: Risk/Fraud

Real Face Time: Conferences Deliver What Devices Can’t

Posted by Susan Griffin

Fri, Sep 22, 2017 @ 11:30 AM

In our busy digital world, we often forget the importance of being in a live setting and networking with others from the financial services community. In fact, the benefit you get from attending industry conferences might be just what you need to discover new ways to motivate your business and promote growth in your financial institution.

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Topics: Commercial Lending

Why Banks Should Care More about Small-to-Midsize Businesses

Posted by Susan Griffin

Sun, Jul 30, 2017 @ 10:00 AM

 

The small-to-midsize business (SMB) lending market has grown considerably over the past year, and many industry analysts believe this trend will continue through 2018. A growth rate of over 18% is predicted! So where is the potential growth coming from and why does it matter?

SMB Optimism and Loan Growth

The predicted growth in the SMB market is most likely due to the optimism experienced by small businesses following the presidential election. The National Federation of Independent Businesses has measured SMB optimism at historically high levels over the past six months.

That optimism is also reflected in the statistics we see from surveys of middle market and large market businesses. It is hoped that easements in credit standards at lending institutions will continue as they have since 2011, and the economy will begin to trend upward with the passing of tax and trade reform.

If the reforms promised by the new administration come to fruition, lenders can assume that small businesses will be looking to expand. This will result in a need for capital, and trigger a large demand for loans.

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Topics: Commercial Lending

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