For the last 10 years, we have been fortunate to experience good economic times. Even in the face of a devastating global pandemic, asset prices performed well, and delinquencies and defaults have trended downward.
The Financial Institution Learning Center
A banking blog that answers the industry's top questions and problems.
Bankers and borrowers have a common enemy, and that enemy is risk. That’s why in today’s post I’m going to teach you three easy ways to reduce risk. By reducing risk, your bank and your borrowers will be better protected and happier than ever.
Borrowing money is an essential part of our lives. It allows us to afford homes and cars, start businesses, get an education, and do many other great things. Without the ability to borrow money, many of us would be living a life that would be difficult to bear. This is why we have banks and other financial institutions. They provide us with the money we need to live a better and more secure life. Today, however, getting people to borrow money from your institution has become a competitive playing field. With the advancement of technology, borrowers are now looking for institutions that will provide a convenient and positive experience, institutions that they can build a relationship with and trust. If your institution doesn’t offer a great customer experience, it’s likely you won’t be bringing in many new customers or even retaining customers.
Small businesses depend on financial institutions in a number of ways, especially in the early stages of operating. One of the most common ways these businesses need help is in the form of checking accounts or other simple tools that help keep finances organized. However, fees and other restrictions can become a deterrent or inconvenience for business owners. To attract and keep small business customers, it can be important to optimize the way you handle customers and the types of services you offer them.