To make progress, you need change

Time and time again we hear from Financial institutions who are in areas where they have been one of the few banks in town. They have had success for 60 years, but they are starting to see that there is more competition, their customer are moving away from that area.

The business has been successful for quite some time, but as technology is accepted the need to walk into the bank is not as important. The financial institutions have deployed the technology to keep customers happy, but they haven’t changed habits of how they go out and get loans.

It’s hard to change, lenders haven’t had to go out and get business in the past. “I need to be in the office, because one of my customers may come in and need me.” 60 years ago people when to the bank in town and talked to their banker and got a loan, now every other commercial on TV is about getting a loan in your underwear. Consumers have changed habits in the past 5 years, but just like falling interest rates financial institutions can’t reprice their loan habits fast enough.

To make progress in the loan portfolio, change is needed to process. Instead of having a hockey team full of goalies, you need to train those goalies to score goals. Access to loans will continue to get easier and easier, so using your lenders to have a tighter relationship and a proactive process to acquire loans before the customer buys the house will be critical to stay relevant in the future.

The days of being able to sit at your desk and just write loans are gone, what will be coming is loans in your Apple Pay. Don’t let Apple steal your relationships, re-assess your lenders approach so you thrive over the next 60 years.

Brett Jackson

Brett Jackson

Brett Jackson has been dedicated to building vibrant, competitive, breakthrough brands in the world of financial institutions for over a decade now. As the CEO of Systemax Corporation, a company ... Web: www.systemaxsolutions.com Details