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by James Robert Lay on June 21, 2021
Brief Summary of Episode #102
Small business banking is 20% of global banking revenue, which means if you are a bank or credit union…
You can’t afford not to do it.
When you want to figure out the best SMB lending model, you should turn to today’s guest, Gord Baizley, CEO at JUDI.AI. He joined in the latest episode to go over the 3 most important opportunities in small business lending.
1. Speed
Can you do things faster with less resources?
That’s how you get better results quicker — it’s the efficiency play.
2. Managing risk
If you can manage risk better, you can reduce your loss rates. More importantly, you can expand the credit box.
And if you can provide more credit to small businesses, that’s a big win.
3. Improving the customer experience
If you can pull off the first two, then this should already be happening.
Speed and better risk management are obviously massive wins for the small business, but also for your institution because you will retain the client.
There is opportunity in SMB lending — opportunity your financial brand can’t afford to miss out on.
Key Insights and Takeaways
- The 5 biggest opportunities in small business lending
- The culture required to thrive in small business lending
- The importance of benchmarking and being able to iterate quickly