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What Banks can learn from the Chicago Cubs

Rebuilding your small business lending process isn’t just about the technology

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After reading fortune.com’s article “Why Theo Epstein and the Cubs are Fortune’s MVP’s This Year,” I was struck by the similarities I see with financial institutions struggling to rebuild and digitize their small business lending strategy. They know they need technology to grow the business but can forget it’s truly about the players, both borrowers and lenders, on the field.

 Three key things to focus on are:

  • On-Field Strategy: Community banks are the lender of choice for small businesses. It’s true, small businesses want to come to your institution first but a lengthy non-digital application process can strain their resources. And sooner than expected you will need to meet your customer where they are, online. It’s no longer good enough to have a website with a line stating, “contact us for an application.” It’s expected and demanded to have instant access and if you don’t, your customer is just one google search away from an online marketplace lender. 
  • Character: We know that large deals take just as long as the little deals. Why not utilize technology to automate the process when possible, allowing your team to focus on what truly matters, great customer service.
  • Data-driving analysis to enhance results: Your SMB team is important as is the ability to continuing building relationships with your customers. Provide your team the technology to get SMB deals done faster, more efficiently, and more profitably, while enhancing both the customer and banker experience. 

To paraphrase Theo Epstein; be better than anyone else with how you treat your employees and how your lenders connect with customers and put both into a position to succeed. If you’re ready to be your institution's MVP and learn how easy Akouba can make digitizing your small business lending strategy let us know today, and how we can have your team set up for success before the end of the 2017 world series.

 Go Cubs Go!

Amber Smith

About The Author Amber Smith

Amber, director of marketing, is a marketer with over 13 years of experience. She has a keen interest in the digital world and was one of the first participants in Duke University's digital media and marketing program, one of the most comprehensive, online media marketing programs in the nation. Amber also has a deep understanding of the unique challenges banks face today, having worked for an Iowa community bank for over seven years. Before joining Akouba, Amber was part of a global marketing team for an elearning company based in Chicago and was responsible for managing lead generation and digital marketing campaigns for the global team.