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

Posted by Shannon Sickmon

Fri, May 04, 2018 @ 11:30 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, banking, fintech, technology, Lending, gifts, Mother's Day

Closing the Loop as Our Commercial Lending Suite Evolves

Posted by Patrick True

Fri, Mar 09, 2018 @ 01:40 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, small business, fintech, Lending, software, loan origination

Taming the Monster on Your Desk

Posted by Patrick True

Fri, Feb 09, 2018 @ 01:30 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: Commercial Lending, fintech, Information Technology, Data, Lending, Small Business Market

Pay No Attention to That Credit Officer Behind the Curtain

Posted by Patrick True

Fri, Jan 26, 2018 @ 01:40 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, Lending, Small Business Market

Fintech and Payments Trends to Watch in 2018

Posted by Dave Foss

Wed, Jan 17, 2018 @ 11:00 AM

Financial services have recently been in the national spotlight for everything from crypto currencies to data breaches – and a lot more in between. There is a shifting focus toward an enhanced customer experience, automation and security that has ushered in many new and interesting technologies. As the industry continues to keep pace with change and disruption, financial institutions must sift through the hype and pay attention to the most impactful and relevant technology movements in order to remain competitive. Below are some areas to watch in 2018.

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Topics: Financial Services Industry, Risk Mitigation, Lending

4 Steps Community Financial Institutions Can Take to Compete with Online Lenders

Posted by Craig Laures

Wed, Oct 25, 2017 @ 07:30 AM

Just as each community is unique in stature, industry, economy, and opportunity, so is each community financial institution (FI). Regardless of our composition, the one thing we all have in common is a limitation of time.

Let’s agree to make the most of it.

Online lenders (also called alternative lenders) have recognized and seized the fact that time is limited. In response, they have created channels to significantly reduce the amount of time required to obtain another limited resource—money. These lenders are helping businesses get more of what they want: satisfying their need for more time to focus on their business and more money to execute their creative and industrial ideas.

Let’s face it: banks and credit unions today are faced with overwhelming, burdensome regulatory requirements to accept, process, and fund commercial loan applications.

Alternative lenders are not.

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Topics: Lending

Loan by Robot?

Posted by Jonathan Patrick

Wed, May 10, 2017 @ 11:30 AM

Does “Robo-advice” Include Lending?

By now, financial services consumers have gotten used to the idea of a robot handling their money. In fact, according to Accenture, seven out of 10 consumers even welcome “robo-advice” for their banking, insurance, and retirement services.(1) So clearly, consumers are at least open to the notion of a robot handling their assets – but what about their liabilities? Are consumers ready for a loan processed entirely by a robot?

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Topics: Lending, Tomorrow's Technology

People, Process, Product: What if “the Profit” Paid a Visit to Your Bank?

Posted by Clarke Farmer

Wed, Dec 28, 2016 @ 11:30 AM

One of my favorite TV shows is CNBC’s The Profit. In the show, Marcus Lemonis (aka “the Profit”) invests and partners with small businesses that typically need dramatic changes to their business model in order to improve performance and profitability.

The Profit’s method focuses on three primary elements: people, process, and product. It is quite entertaining. The people he gets involved with are usually even more interesting than the business challenges faced in each project. I suspect that any banker who has seen the show can nod their head and chuckle in agreement that many of their commercial loan customers fit a similar profile.

That said, do you wonder what the Profit would say if he paid a visit to a community bank? We may never know, but here are a few thoughts specific to the commercial lending side of the shop.

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Topics: Financial Services Industry, Lending

Stand Pat and Starve. Diversify and Thrive.

Posted by Mark Messick

Wed, Nov 16, 2016 @ 11:15 AM

Because of the recent scrutiny over commercial real estate concentrations and lower-than-expected yields, financial institutions (FIs) have been searching for ways to grow loans and raise profitability. Unfortunately, aside from consumer and commercial and industrial (C&I) lending, lenders don’t see a lot of options. In fact, with the onset of poor performance in the consumer loan space, many FIs have chosen to make business lending a priority. And then a slowdown in the economy, uncertainty about our next president, and competition for the better credits led business lending volumes to fall for the first time in six years according to the Wall Street Journal.

So what’s the response?

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Topics: Lending

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