This episode was originally published on June 12, 2017. You can check out the links mentioned in the show by heading over to the page in our resource hub: https://explore.precisionlender.com/podcasts/how-to-avoid-originating-a-bad-loan.
With experience in a money center bank, at a large asset manager, in specialty finance, and having underwritten billions of dollars in commercial real estate loans, Katharine Briggs joins us to talk about how to avoid originating a bad loan. She shares tactics that will help you mitigate the factors that lead to bad loan origination, the impact originating a bad loan has on your bank and your relationship managers, and processes you can put into place to keep your bank on the right track when originating loans.
In this podcast, we're joined by Mikey Trafton, serial entrepreneur and expert in building high performance teams with amazing cultures. Mikey was a speaker at the first annual BankOnPurpose Conference in 2016. He's continuing the conversation by sharing how to attract the best talent, how to interview, and how to build a team that's a solid culture fit and incredibly productive.
Group brainstorms are supposed to be an effective way to bring everyone's voices to the table and spark some great new ideas, right? Not so much. Jim and Dallas discuss why group brainstorms can harm your team's productivity level and how to structure meetings and team communication in a more efficient and effective way.
There's a shift in relationship banking and it's time to act accordingly.
Jim and Dallas discuss the changes we're seeing in relationship banking and what you can do at your bank to better serve your customers. This topic comes from a recent Financial Brand article by Jim Marous entitled, "Banking Desperately Needs A Relationship-Based Selling Strategy."
Show Notes:
Banking Desperately Needs A Relationship-Based Selling Strategy, by Jim Marous
3 Reasons to Cross-Sell & 4 Ways to Do It Better, Dallas Wells
Scott Morgan, Managing Director at PrecisionLender, shares where he is seeing banks struggle with pricing. He talks about transparency, sharing data across the bank, utilizing technology, and building processes that work.
Jim Young sits down with Lorraine Moore, former bank executive, speaker, author, and advisor to executives across all industries. She uncovers why creating a culture of accountability is more important than ever before and how leaders can create an environment that encourages accountability. You'll learn how to become a stronger leader and foster a workplace that's empowering.
Two-time BankOnPurpose keynote speaker, Lisa McLeod, joins PrecisionLender CEO, Carl Ryden, in this week's podcast.
They address the choice banks face regarding purpose and culture, as well as how those choices could affect your bank.
You'll come away with a better understanding of how to build your bank's purpose and lead in a way that fosters that purpose.
For more information on Lisa, you can check out her site here: https://www.mcleodandmore.com/. And purchase Selling with Noble Purpose here: https://www.amazon.com/Selling-Noble-Purpose-Drive-Revenue/dp/1118408098
We sit down with Carl Coe, EVP of Client Development at PrecisionLender, who shares how to get the most out of your sales team, beginning with the difference between training and coaching.
You'll learn which behaviors are learned and which are innate within a salesperson, why coaching is crucial for your team, and how you can provide ongoing coaching.
What do a space pen, a pencil, and pricing loans have in common?
Sometimes, simple is better.
In this episode, Dallas Wells and Jim Young chat about why there is a need to simplify technology interfaces in order to make it more user-friendly for its end users.
Jim Marous, named one of the most influential people in banking and co-publisher of The Financial Brand, sits down with PrecisionLender Director of Communications, Jim Young, to discuss the changes coming to the banking industry.
They discuss how banks can embrace and leverage these changes to be more successful.
You can find more on Jim Marous here: https://thefinancialbrand.com/?s=jim+marous
Jim Marous will be a 2018 BankOnPurpose Conference speaker. To register for and learn more about BankOnPurpose head to this site: https://bankonpurpose.com/
Relationship Managers hold a very important position within the bank and their success determines the bank's success. But hiring and retaining strong RMs has become increasingly difficult across the industry. Jim and Dallas sit down to discuss these rising challenges and ways banks can foster environments that make RMs thrive.
The blog post Jim and Dallas mention can be found here: https://explore.precisionlender.com/blog/how-to-attract-and-keep-top-rm-talent-at-your-bank
And the Bank Director survey they discuss can be found here: https://www.bankdirector.com/index.php/committees/compensation/2016-compensation-survey-where-are-lenders
Rollie Tillman, Managing Director at PrecisionLender, sits down with Jim Young to share insights from having gone through over 50 mergers and acquisitions as both the buyer and the seller. He shares pain points of M&As and how to make the transition as smooth as possible.
Jim Young and Dallas Wells discuss a few recent and relevant articles that uncover what automation will do to banking jobs. You'll learn the effect automation will have on the industry and how you can succeed despite the rise of machines.
Jim Young and Dallas Wells discuss a recent PrecisionLender blog post on why now is the right time to cross-sell. They uncover why you should cross-sell and share tips for better cross-selling.
Jim Young and PrecisionLender Chief Analytics Officer, George Neal, discuss some of our recent data findings on loan time to close statistics. Some of the findings were as you would expect, but others were quite unexpected.
Jim Young and Carl Ryden discuss the increasingly popular term "ecosystem" and how having one benefits your bank. You'll learn why you need one, how to manage implementing one within your bank, and navigating through inevitable friction points.
This episode is a rebroadcast of episode 90. Jim Young and Carl Ryden discuss how Artificial Intelligence will improve the banking industry and help amplify your data.
In this episode, Dallas and Jim talk about the difference between price setting and price getting as it relates to a recent infographic from Bain & Company.
Jim Young and Dallas Wells discuss what it means to "price with a tourniquet" and how doing so leads to poor approval processes and lending practices and unhappy customers. You'll learn what to do instead when it comes to pricing loans.
Jim Young sits down with Jeff Henderson, EVP of Product Development at PrecisionLender, to discuss APIs and why they're important. They also discuss bank data - how much you should share, with whom, and how often.
Jim Young and Dallas Wells discuss an article by Chris Skinner on why banks need to partner with technology instead of building their own. You'll learn the importance of buying technology over building it and how it'll impact both the bank and its customers.
Struggling to develop new business and match your previous sales performances? There may be several reasons why you're not on your A-game anymore. In this episode, Jim Young chats with Ned Miller, SVP at MZ Bierly Consulting, about the reasons why some experienced bankers are falling short and how they can regain the confidence in selling that they once had.
In this episode, Maria Abbe and George Neal discuss two different types of AI, why it's important to know the difference, and which one will help your bank. You'll learn practical ways to implement AI and how it'll give you a leg up against the competition.
In this episode, Jim Young chats with Travis Engebretsen, VP of Strategy at Seacoast Bank. Engebretsen recently wrote a piece on how a well-defined value prop that points to the customer is what will distinguish one bank from the others. The two discuss how a bank can create a customer-centric value prop and talk through the do's and don'ts. They also discuss how to buy technology effectively and efficiently at your bank and how your value prop affects how and what you buy.
(REBROADCAST) It's common practice in the banking industry to design for the average customer. In this podcast, Carl Ryden shares why you should design experiences for the edges instead.