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...

Filed under: news

 
 
 

14 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

7 weeks ago

RM47mil KWSG contributions still unclaimed

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

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was to ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

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

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by ro ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

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

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 Raky ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 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, Dat ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

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

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 s ...
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

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in compen ...
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 Mustapa Moham ...
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

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 allocation ...
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

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Sc ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 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 Kinrara Damansara S ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

OPEC daily basket price closes tad higher
Vienna, July 30 (IANS) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) stood at $105.44 a barrel Tuesday, against $105.22 last Thursday, according to the OPEC Secretariat.
 
 
Moscow calls US sanctions 'illegitimate'
Moscow, July 30 (IANS) The economic sanctions imposed by the United States are a revenge on Russia, the country's foreign ministry said Wednesday.
 
 
EU boosts funding to fight Ebola epidemic
Brussels, July 30 (IANS) The European Union Wednesday allocated an additional 2 million euros ($2.68 million) in aid to tackle the Ebola epidemic in West Africa.
 
 
Top doctor in Sierra Leone dies of Ebola
Nairobi, July 30 (IANS/EFE) Sierra Leone's top Ebola virus doctor, Sheikh Umar Khan, died a few days after contracting the lethal disease which has claimed the lives of 672 people in Western Africa, health authorities in Sierra Leone announced Wednesday.
 
 
 

Latest from the Network

Pinki, Sarita reach CWG boxing semis
Glasgow, July 30 (IANS) Female Indian boxers Pinka Jangra and L. Sarita Devi reached the semi-finals of the Commonwealth Games in their respective categories at the SECC Hall here Wednesday. However, Amritpreet Singh...
Read more on Sport Balla
 
Robert Pattinson says split from Kristen Stewart was 'normal'
Robert Pattinson insists he no longer ''gives a s**t'' that Kristen Stewart cheated on him. The 'Twilight Saga' star, who split from the 24-year-old actress last year after he struggled to get over her brief affair with...
Read more on Celebrity Balla
 
Katy Perry is open to having kids alone
Katy Perry is open to having a baby alone. The 'Dark Horse' hitmaker, who is currently dating music producer Diplo after splitting from John Mayer earlier this year, plans to have a family even if she never meets the...
Read more on Celebrity Balla
 
Doutzen Kroes welcomes second child
Doutzen Kroes has given birth to her second child. The Victoria's Secret model and her DJ husband, Sunnery James, welcomed daughter Myllena Mae into the world in her native the Netherlands this morning (07.30.14). The...
Read more on Celebrity Balla
 
Ian Ziering says being away from his kids is 'torture'
Ian Ziering finds it ''torture'' being away from his children. The 'Sharknado 2' star - who plays Fin Shepherd in the upcoming TV movie - admits he hates leaving his two daughters, Mia, three, and Penna, 14 months, whom...
Read more on Celebrity Balla
 
India struggling at 112/4 in second innings
Southampton, July 30 (IANS) India were left struggling at 112 for four in the second innings, while chasing a target of 445, at stumps on the fourth day of the third cricket Test against England at The Rose Bowl here...
Read more on Sport Balla
 
17 Palestinians killed in Israeli strikes on Gaza market
Gaza, July 30 (IANS) At least 17 Palestinians were killed in Israeli strikes at an overcrowded market in Gaza Wednesday after Hamas rejected an Israeli four-hour truce offer, a media report said. As many as 160 people...
Read more on Politics Balla
 
Five killed in Nigeria suicide attack
Abuja, July 30 (IANS) Five people were killed when a woman suicide bomber blew herself up in a college in Nigeria Wednesday, a media report said. The suicide attack took place in a technical college in northwestern...
Read more on Politics Balla
 
India women's hockey team out of medal contention
Glasgow, July 30 (IANS) The Indian women's hockey team lost their last crucial Pool A tie 2-3 to South Africa at the Glasgow National Hockey Centre here Wednesday to go out of medal contention at the Commonwealth Games...
Read more on Sport Balla
 
Gold eludes Indian wrestlers, get 4 silvers, 1 bronze (Roundup)
Glasgow, July 31 (IANS) After a day of highs, there was disappointment in store for Indian wrestlers as they only garnered four silver medals and a bronze in the 2014 Commonwealth Games at the SECC Hall here Wednesday...
Read more on Sport Balla