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Key Elements to Ensure the Success of Your Commercial Lending Transformation
We’ve known for a while that commercial lending needs to embrace modernizing their technology and plan for a digital, fully integrated platform to not only succeed, but to have any hope in staying competitive. So while change may be inevitable, we understand that isn’t easy. Fortunately, there are a few key foundational elements you can put in place to ensure success in your commercial lending transformation.
Clearly Define Your Business Case. Think of approaching the transformation of your commercial lending management the way you might set any personal goal. Visualize what you’re trying to achieve, identify the value it will bring, and form a detailed roadmap to success. Focus on where you are now, where you want to go, and what benefits your institution will see once the project is complete. Remember: the value the project will bring to the organizations is key to moving forward.
Get Executive Advocates. Everything is easier when the people in charge are advocating the change, whether you’re playing on a team or modernizing your bank’s technology. With both, the “head coach’s” buy-in is critical to every step of your process. Bank executive’s vocal, ongoing support is key not only for the initial investment, but for later communications and project decisions. Expect your leaders to advocate for your digital commercial lending transformation—consistently, persistently, and persuasively.
Form a Consensus for Transformation. Now that we’ve got the “coach” on board, we need the rest of the team! We’ve heard it from every client. No matter where, how, why, or when change happens, it’s always easier when everyone is on board. Successful projects are ones where the entire organization feels invested and involved. Make sure you build into the project core feature accountability, knowledge sharing, and best practices from key advocates of every major silo of your organization—including the head of every line of business and any other area the project will materially effect.
Find a Trusted Technology Solution Partner. You want to get in shape, you find the right trainer. You want to make sure your technology modernization project is successful, find a partner that has experience, a proven, agile plan, and is invested in taking you beyond your “end goal” to continued growth.
We all know transformation is no longer not an option. We’re now in a real-time, 24/7, anytime, anywhere world, and your customers want services that are fast, accessible, transparent, and easy. At AFS, we help our clients foster and achieve their necessary transformations. We provide solutions with the scalability and flexibility to reach our clients’ goals, combined with a proven, successful conversion and implementation strategy that is always on time, on budget and in scope.
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The fintech arms race over the past several years has created a new series of winners and losers in the ever-increasing fintech industry. Namely, third-party providers have been remarkably successful at providing payment services and financial solutions for organizations that need them.
In fact, Cornerstone Advisors reported that small to medium-sized businesses (SMBs) annually spend about $225 billion on payments and accounting services from third-party providers. This has created a paradigm shift in the world of open finance and financial technology, with large banks and fintechs on one end and community financial institutions on the other. However, community financial institutions can utilize the same technology to appeal to their SMB customers if they begin to understand the value of enabling financial management workflows and embedded payment functionality available to better serve their customers and increase revenue.
Embedded payment workflows are a promising opportunity for banks to meet their SMB customers’ needs. By leveraging automated technology that instantly tracks customer invoices and bank data, banks can amass a large amount of valuable information from their SMB customers. Everything from accounts receivable and payable data to information related to financial institutions’ operating accounts, and data related to the specific SMB are all useful for banks to monitor.
Banks can optimize this data to extend personalized offers and business services consultation to the SMB, as well as non-FICO related underwriting criteria to craft unique lending solutions.
With the unique perspective of recurring invoice and payment data, financial institutions can establish a competitive advantage over non-bank providers and anticipate future liquidity needs or appropriate financial products to help the SMB thrive.
Payments data can go a lot further than just helping banks. According to Mastercard, 86% of SMBs wish they could make better use of their data, and there is no secret as to why. The data financial institutions possess for the SMBs can be employed to provide great benefits and create a path to deepening crucial business relationships.
Financial institutions are being placed in a pivotal position to help SMBs interpret valuable business insights. Not only does the data provide opportunities for growth among multiple entities, it also strengthens the relationship between an SMB and its primary financial institution, as well as the relationship between an SMB and its customers.
SMBs have an innate desire to build their businesses and watch them thrive. In order for consistent growth to occur, SMBs need to establish strong banking relationships. The Mastercard study also notes that 85% of SMBs claim they need a consolidated place to check in on their financial health. Financial institutions have often established a trusted advisor role with their business clients, and can provide an enhanced level of support and engagement that nonbank, third-party counterparts cannot.
Right now, financial institutions have a unique opportunity to better serve their SMB client base, strengthen their relationships, and increase their own revenue by coupling their data with the powerful information associated with invoice and payment activity. Utilizing automated technology to track preexisting customer data, financial institutions can provide the utmost support for small businesses, further streamlining their processes.
By providing this technology from a unified platform and digital experience, a financial institution increases customer loyalty and eliminates the need for SMBs to toggle between multiple mobile applications to thoroughly manage their business finances.
As the data from embedded payment workflows is optimized, the possibilities presented by a positive feedback loop between SMBs and their financial institutions are endless.
As CEO for BankiFi Americas, Keith Riddle brings a breadth of financial services experience spanning new product development, partnership management, direct sales, and strategic market planning. Keith is responsible for BankiFi’s embedded banking solution strategy and distribution within North America.
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