With more than five million small businesses created in America annually, lending growth opportunities are everywhere.
Yet, the pandemic and PPP loans highlighted a big problem for financial institutions — many realized they had no idea who their lending customers were.
As Gary Lewis, Managing Director of Lending & Deposit Solutions at Jack Henry & Associates, pointed out, it was a huge wake-up call for some.
“That was the prime example of institutions needing to be aware and start offering different channels to those small businesses,” Gary said.
But in the scramble to catch up in digital transformation, banks can forget the human element in lending. Gary’s solution: take a look in the mirror.
“We’re all consumers first,” Gary said. “If you want to be a successful professional in the financial institution space, you have to replicate what you as an individual want.”
And standing out from the lending crowd certainly helps, as well.
“What do you have that other people don’t?” Gary asked. “If you can’t answer that, the first thing you need to do is figure it out.”
By combining the power of niche banking and expertise, financial brands can capitalize on lending growth.
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