10 Updates

Did I Just Say 'Banking' And 'Innovation' In The Same Sentence?

Apr 22 2014, 6:52pm CDT | by

Bankers take a lot of abuse for not being the most innovative characters, but that doesn’t mean there aren’t innovative bankers. There have been a lot of predictions regarding technology...

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13 weeks ago

Did I Just Say 'Banking' And 'Innovation' In The Same Sentence?

Apr 22 2014, 6:52pm CDT | by

Bankers take a lot of abuse for not being the most innovative characters, but that doesn’t mean there aren’t innovative bankers. There have been a lot of predictions regarding technology implementation within banks in 2014, which I think are going to happen (or at least they should), but that isn’t the only way innovation takes place within the marbled sanctuaries where Mr. Banks, of Mary Poppins fame, spent his days counting tuppence.

Here are a few small business lending innovations I think bankers should pay attention to:

Alternative Lenders Within the Bank?

Not too long ago I spoke with a former alternative lender who is now doing small business equipment loans out of a traditional bank in California. He runs his national business loan department as a stand-alone business unit, the same way he did before he became part of a traditional bank.

Over the last few years, specialty loan products like equipment loans, among others, have been much easier for small business owners to acquire than traditional, long-term, fixed-interest loans from the bank. What’s more, as online alternative lenders continue to increase their share of the market, I hear of forward-thinking bankers looking at what online lenders are doing and incorporating them into the mix of small business loan products they offer.

Introducing the paradigm shift of treating equipment loans like an alternative lender rather than a traditional banker might be a shock to some in the bank, but a lower cost of capital along with a national footprint is a great combination for many small business owners using this service.

Banker Needs a New Pair of Shoes

Another group of bankers set time aside every week to visit current and potential customers on their turf. Of course this isn’t that unusual, the best community bankers have been doing this for years. What makes these visits different? It’s who makes them—the bank president and the rest of his executive team.

It’s far too easy for all of us to let the day-to-day stuff get in the way of what we would otherwise consider important work. These bank executives schedule a certain amount of time each month to visit small business owners they would like to see become bank customers as well as some of their current customers. They claim it’s amazing what they discover by taking the bank’s executives on the road.

Innovation doesn’t always require a new idea. Sometimes it’s as simple as revisiting old ideas with a fresh perspective and interpretation.

It’s A Lot Like Batman and Robin, or Maybe Hot Fudge and Ice Cream

I like the idea of incorporating the lessons we’ve learned online within the small business loan process. Another bank in California, has partnered with an online service provider to streamline the small business loan process. For SBA (Small Business Administration) guaranteed loans of under $150,000 or less, this banking/technology partnership has reduced the time it takes to get an SBA loan approved to as little as five days. By leveraging an online application, which is substantially less cumbersome than a traditional application, small business owners who might not otherwise be able to get a low-interest SBA loan are finding success because the partnership substantially lowers the cost of servicing these smaller loan amounts.

Aesop may have coined the phrase, “Necessity is the mother of invention,” but this partnership leverages innovation to benefit small business owners all across the country.

Yes, bankers can be innovative and there are many who are thinking outside the box to make their products and services more accessible to their customers. Mobile banking and other technology tools are a big part of that, but that’s not the only place bankers can innovate. Are you an innovative banker? Share with us what you’re doing to put old paradigms out to pasture.

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

Sydney FC v West Ham United - Football United New Zealand Tour 2014
KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, D ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states l ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million i ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri Mus ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaa ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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