Bankers, Start Your Engines!
It’s May in Indianapolis.
In case you don’t know, that means it’s almost time for the Indy 500. Even though this year will still look a little different, but it brings back many great memories of May traditions in Indy. The mini-marathon that winds through downtown and includes a lap around the Indianapolis Motor Speedway, the festivals and concerts, the parade, checkered flags on display everywhere, and finally – The Indy 500 (which is appropriately nicknamed The Greatest Spectacle in Racing). My first time attending the Indy 500, I’ll admit I was skeptical. I wasn’t a huge fan of racing and the thought of sitting on a metal bleacher in 100+ degree heat for hours wasn’t appealing. And even though I’m still not a superfan of the sport, it became a tradition for me to attend year after year with my father that I’ve looked forward to every May.
First off, if you haven’t had a chance to attend the Indy 500 in person, I would recommend visiting Indianapolis one Memorial Day weekend to take it in. Not only will you be able to witness the pomp and circumstance of race day in Indy, but there are several important themes that you can learn about digital lending from the Indianapolis 500.
A great driver needs a great pit crew.
While the winning driver is the looked at as the superstar of the Indy 500, they aren’t able to cross the yard of bricks first without a great pit crew to support them. The same is true for developing and implementing a digital lending strategy - you can’t just implement technology. You need the right people and processes to be successful. Many view technology as the driver when in reality it’s more like the pit crew helping support and guide your people and processes.
Start with the end in mind.
The common goal of each of the field of 33 drivers is the same. Be the first to cross the finish line. Even though this might sound simple, it influences every decision leading up to and throughout the entire race. When it comes to your commercial or small business lending process, it’s just as important to understand your end result and start with the end in mind. To put it another way, you should know what done means. This insures you are thoughtfully pursuing digital transformation with a vision of what you’re looking to accomplish instead of looking to technology to simply solve problems.
Speed isn’t just important – it’s critical.
Speed isn’t just celebrated at the Indy 500, it’s a critical component of winning. The same is true in business lending. Automating your business lending process is critical for providing quick, consistent credit decisions ultimately helping community financial institutions stay competitive. Providing a quick decision not only gets loans off the street, but develops the trust needed with your business customers to continue growing their relationship with you.
Traditions are important, but they also evolve.
The 2021 Indy 500 will be the 105th running of the race. With over a century of traditions surrounding the race, they are an important aspect of not only how the race is run but also the month leading up to the event as well as the ceremonies before and after the epic 200 laps around the brickyard. From “the most famous words in racing” to the winner drinking milk there are many traditions that fans look forward to each year. And even though these long-running traditions are important, they also evolve over the years. In that same train of thought, when looking at digitizing your commercial lending or small business lending processes it’s important to not focus on how things have always been done and to focus on how you’d like for them to be done moving forward.
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Posted on Wednesday, May 26 2:15 PM