It just may be topic one in credit union c suites - how do we make more profitable loans?
Matt Johnner of BankLabs - a developer of cloud based technology solutions for financial institutions - has a suggestion: Go after lending to two of the country's biggest industrial segments, agriculture and construction.
And fast track this by using your present member base to segue into commercial lending into those segments.
A good car loan experience for a farmer's wife, or a home builder's husband, just may lead to a 7 figure commercial loan - for the credit union that is thinking that way.
So Johnner likes the "law of attraction," which essentially says that what we focus on comes into our life.
Start thinking on construction and ag loans and they just may happen for you.
His company also is a provider of mobile tools that automate lending and loan management and, he says, many lenders are still rooted in legacy technology (spreadsheets). A newcomer to the field who has the right technology in place just may start closing deals.
What will the regulator say? Johnner addresses that in this podcast.
He also talks about buying a community bank to accelerate success in commercial lending - but stresses there are other ways.
If you want more high profit loans this is a must podcast.
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto
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