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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

Gift-Worthy Tech Mom Will Love for Mother's Day

Posted by Shannon Sickmon

May 4, 2018 11:47:00 AM

 Mother’s Day is just around the corner, so for this week’s blog, we want to take a break to celebrate Mom. We know that your role as a Commercial Lender is hectic, and you might not have time to shop.  Because we understand, we did the shopping for you! 

We rounded up a list of great tech gifts that will save Mom time, keep her stylish, and make sure she never misses an appointment. These five tech gadgets appeal to everyone, even those who aren’t tech-savvy.

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Topics: Commercial Lending, Lending, fintech, banking, technology, Mother's Day, gifts

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

Posted by Susan Griffin

Apr 20, 2018 11:50:00 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: Relationship Management, Commercial Lending, small business, digital survival, banking, financial institution, GAFA, Amazon

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

Commercial Lending Officers: A New Endangered Species?

Posted by Susan Griffin

Mar 28, 2018 11:00:00 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, talent acquisition

The Final Four – Developing Your Winning Strategy for New Technology

Posted by Matt Meehan

Mar 23, 2018 10:12:12 AM

 

Reaching the Final Four requires both teamwork and effort. As John Wooden famously stated, “It’s not how big you are, it’s how big you play.” Community-based financial institutions can certainly relate to that sentiment. The fact is, playing big often translates into leveraging the technology of third-party vendors to help ensure your success and to bring the latest technology to your game without having to develop it internally.

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Topics: Relationship Management, Commercial Lending, Processes & Procedures, Data, fintech, basketball, Final Four, basketball tournament, third-party vendors

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