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Big Business in Small-Dollars

Posted by Mark Messick

Wed, Jul 11, 2018 @ 11:00 AM

 

Perhaps you saw the bulletin issued recently by the OCC encouraging financial institutions to make small-dollar, short-term, consumer loans.  I did and for me it points to a big hole in the traditional lending net that needs to be mended (and not by credit card offers).  While our topic today doesn’t deal with consumer lending outright, the bulletin reminded me of three great reasons why today’s financial institutions should consider offering small-dollar loans to businesses.

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Topics: small business, Small Business Market, loans, consumer, financial institution, banking, Credit Unions, Loan Pricing, Financial Services Industry, Commercial Lending

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

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: Lending, Small Business Market, Commercial Lending

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