advertising section CONVENTION SPONSORS & EXHIBITORS
Are you known in your market as the
place to get a loan?
Most lenders I talk with today say things
like, “You know … we’re competitive.” Or,
“We’ve looked at a lot of deals this year,”
etc. Maybe that is similar to how you
But are you really talked about at
the Chamber meetings, the Rotary
meetings, or other civic meetings? Do
business owners say your institution
is the place to go to get a business
How can you stand out from the
crowd and be the one talked about?
After the economic and market
challenges in 2008-2009, traditional
lenders weren’t really considered the
place to get a loan. Rightly or wrongly,
the perception from many small
business borrowers became that FIs
don’t want to make loans. Meanwhile,
we saw the emergence of online and
alternative lenders that made the
experience easier, faster, and more
user-friendly. Now, today’s borrow-
ers generally want (and expect) that
enhanced experience. So, how do you
join the lenders making the overall
lending experience more borrower-
Most lenders that have been around
for any length of time still generally
have paper-based, manual processes.
The good news is that newer technologies exist that can reduce or eliminate
that problem entirely, delivering a
better experience for the lender, and
Once that hurdle is overcome, lenders wanting to grow also need to have
a diversified group of commercial
lending products to offer the customer. No two businesses have the exact
same needs, so choice and flexibility
are important. A diversified product
offering is what will help you stand
apart from the competition.
Next, to further alleviate customer
hesitancy and build goodwill, automating the management of the entire
credit process is where technology
can help. Over the past several years,
regulators have come out and repeatedly said that FIs need to make greater
use of technology to manage risk. A
technology partner that can help you
accomplish that goal is key.
What about your current borrowers? How can you make their experience even better when it’s time for
them to renew? Most commercial
loans renew every year and automation of this process can make the
renewal process virtually paperless.
Your existing customers are happier.
Lenders, in turn, are more efficient
because they’re not dealing with all
the excess paperwork.
Most lenders have a “sweet spot”
of what they like to do. Whether it’s
commercial real estate or just general
lines of credit, these loans became
very easy to do during certain economic times. This has caused most lenders
to have concentration issues with loan
types. So the majority of lenders today
are rightly trying to diversify.
To accomplish this goal, lenders
need to diversify the kinds of loans
you offer to more closely match
your customers’ needs. You could, of
course, go hire a bunch of people who
know how to do borrowing base loans
or complicated inventory-type loans.
Or you can keep the folks you have
and leverage them by the better use of
So newer technology can bring yet
another benefit – to help facilitate
improved loan diversification.
With the right technology tools in
place, you can create a simpler (
virtually paperless) application process,
automate the processes used to manage the loans you have on the books
today, and achieve superior diversification with new loan types in your
portfolio in a safe and sound lending
For more information on how to create a
superior, customized commercial lending
experience for both lenders and customers, contact Terry Renoux, Group President, Lending Solutions Group, ProfitStars
( www.profitstars.com) at 615-295-9098 or