Ok Bankers, Now Let’s Get In Formation
Beyoncé Knowles-Carter is a name that's become synonymous with pushing musical boundaries and making a significant impact on culture. Economists are even saying Queen Bey is the reason for Sweden's increase in inflation from the influx of people from all over the world as she kicked off her world tour in Stockholm. I recently had a chance to see her on her Renaissance World Tour and the experience was nothing short of incredible. This tour has been a platform for her to combine her older work with her newer, more experimental projects, demonstrating the power of staying true to one's roots while embracing the evolution of artistic expression. This balance between tradition and innovation is not only relevant in the music industry but also resonates strongly in the world of banking.
You might wonder, "What does Beyoncé's mix of old and new have to do with my day-to-day job?" Well, here's the thing: the evolution of Beyoncé's music and the changing landscape of banking aren't really too different. Just like Beyoncé seamlessly combines her classic hits with her newer work, banks and credit unions also need to blend traditional practices with innovative technology to be a "survivor" and stay competitive, efficient, and relevant.
The lending process is often steeped in tradition, relying on tried-and-true methods of credit assessment and loan origination procedures. However, just as Beyoncé has evolved as an artist and modernized her performances, banks can also "get in formation" by updating their lending processes with modern, digital tools.
This is where Baker Hill's Loan Origination platform comes into play. It serves as a catalyst for banks, enabling them to accelerate their lending process by dreaming about what's possible. Instead of saying I'm "cozy with who I am," and settling for doing things the way they've always been done, banks and credit unions should look at their lending processes and say "lemme upgrade you." But embracing change doesn't necessarily mean forgetting the past. Rather, it's about taking the best parts of our history and tradition and enhancing them with modern tools and practices. Beyoncé's Renaissance World Tour is a testament to this approach, as she reimagines (and even incorporates) her classic hits in the context of her latest work. Similarly, Baker Hill's Loan Origination system helps banks to modernize their lending process while still maintaining their core principles and values.
It's also important to point out that Beyoncé is also known for her amazing talent in creatively and respectfully sampling other artists. She pays homage to those who've influenced her while adding new layers of meaning and depth to her work. It's similar to how Baker Hill supports banks and credit unions. With almost four decades of experience in the industry, Baker Hill has gathered a wealth of best practices from its relationships with different institutions. This knowledge helps Baker Hill provide solutions that “cater 2” the unique needs of each institution, while incorporating successful strategies used by others. Just like Beyoncé blends her creativity and influence in her music, Baker Hill gives financial institutions the "best thing [they] never had," combining proven methods with cutting-edge technology.
Just as Beyoncé's Renaissance World Tour is a celebration of her artistic evolution, banks and credit unions are undergoing a continuous process of evolution in today's digital era. By adopting solutions like Baker Hill's Loan Origination platform, banks can strike the right balance of embracing innovation while honoring tradition, and "put a ring on" success in the modern banking landscape.
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Posted on Friday, September 1, 2023 at 8:00 AM
by Mitch Woods