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Let’s be candid: in recent years, many
lenders have been restricted by a what-I-know-best mindset. Banks have often
limited themselves to deals that fit
neatly into the few product boxes they
had on hand – turning away perfectly
fundable businesses because they didn’t
fit the mold of a particular product or
the bank’s portfolio at that moment in
How did we arrive at this point?
Regulatory requirements laid down
in response to poor oversight in the
past helped get us into this peculiar
state of “No.” Flexible technology will
get us out.
Being able to say “Yes!” to business is the key to profitability moving
Regulators have recently published
guidance that indicates lenders must
learn to use more technology to more
effectively manage risk. Keeping
clients and data within one system of
record can eliminate errors and enable
Flexible technology helps lenders
say “Yes!” more often by empowering
◗ Take requests online – whenever
people want to apply.
◗ Offer an easy “Apply Now” button on
the bank’s website.
◗ Ensure minimal hassle at the explor-
atory stage of the buying process.
◗;Provide automatic response every
time, keeping prospects engaged and
“off the street.”
Modern borrowers need a wide array of
collateral types to fit their needs. It’s im-
portant for lenders to have more options
to compete for the best borrowers.
Now is a great time to go beyond
real estate. There are ripe lending
opportunities in everything from rela-
tively simple assets such as inventory
and equipment to more complicated
classes such as accounts receivable.
The right technology can provide
seamless, discreet processes designed
for a wide variety of asset types.
Lenders are also wise to move
clients along the spectrum of lend-
ing products as their business needs
change … or risk losing them to a
Savvy lenders can retain customers
as they become more credit-worthy or
less credit-worthy. Consider:
◗;Business is improving – fewer controls required
◗;Business is deteriorating – more con-
The newest technology can let you tap
into a network of lenders that are posi-
tioned to supplement your product of-
fering, enabling you to work with clients
you might otherwise turn away as a poor
fit. Using this approach, your bank can
retain the operating account and any
personal business even when you have
referred the business to another lending
option, because the system is designed
to maintain such relationships.
Today’s technology makes it easier
than ever to work challenging-yet-profitable niches such as healthcare
finance or transportation factoring
– with systems tailor-made to manage
For those who need it, there are
turnkey solutions that can provide
back-office assistance when your
staff is not specialized in a particular
product type or when overhead needs
to be contained. And there are also
solutions available that can let you
handle all aspects of the process with
your own internal resources.
The bottom line is this: technology
can help you say, “Yes!” more often
and stay comfortably in the black.
For more information on technology solutions for commercial lending, contact Terry
Renoux, Group President, Lending Solutions
Group, ProfitStars ( www.profitstars.com) at
615-295-9098 or firstname.lastname@example.org.
yeS! iS The
By TeRRy RenoUx, GRoUP
PReSiDen T, LenDinG SoLUTionS
GRoUP, PRoFi TSTARS®