Looking to lend more efficiently at your FI? (Does a bear poop in the woods?)
Reviving the SMB Economy through lending: how your FI can help.
As Brian says, being a small business owner can be “treacherous at times.” So, what’s the solution? Our expert believes it starts with digitizing and streamlining the experience – using different types of data to provide access to the capital that’s so pivotal to the SMB economy.
The effect work from home has had.
Brian offers some interesting real-life examples here, and you’ll want to listen in. But again, it comes back to leveraging data in different ways now, so that FIs can be saying yes more.
Biggest lending challenges FIs face (and what you can do about them).
“There’s this kind of push toward meeting customers where they want to be and having a digital experience for clients,” says Brian. Driving and embracing that digital experience can be a challenge.
This part of the conversation also raises some fascinating points around automation, as well as predictive analytics.
The Open Banking Revolution defined.
Brian thinks of open banking as “the ability for the customer to direct where the data flows from the products that they have with FIs today.”
And in a VERY rare moment, the show’s host, James Gilbert points out how CRMNEXT is designed to help with precisely that: pulling data (two way) into a hub, managing it, orchestrating it—all resulting in data that is clean, organized, and ready to be leveraged. (Rare spiel officially concluded. ;))
How AI helps with efficiency.
Brian offers some fantastic, very detailed insight here, and you’ll definitely want to lean in for it.
No spoilers here!
The role tech plays.
Our expert believes technology is the core of the ability to solve some of the biggest pain points, which are digitizing the experience, automating it, leveraging 3rd-party data sources, and running things like AI and machine learning models.
In his words, “The key to all of this is having the technology platform to be able to run most of these processes…You basically move the human involvement to the very high-level tasks of making judgmental decisions that the machine may not be able to do.”
How the Fintech world plays into this.
Brian offers a brief history of how the relationship between Fintech and FIs has evolved over the years. He also points out how his company, Linear Financial Technologies is trying to offer the perks of that Fintech experience, while still incorporating all the inherent advantages of the FI.
Essentially, it comes down to digital helping to make the customer and member experience better.
Want to contact our expert?
You can reach him via LinkedIn or visit linearft.com to learn more.