Singer, Songwriter, Credit Officer. What If Taylor Swift Was A Banker?
You'd have to be living under a rock if you don't see the massive impact Taylor Swift is having on pop culture today. With chart-topping hits, sold-out concerts, and a dedicated fan base, Swift has not only dominated the music industry but also redefined the idea of an artist as a brand. What sets her apart is her unapologetic honesty, vulnerability, and willingness to embrace change. As a Chief Credit Officer, there's a valuable lesson to be learned from Taylor Swift's journey – one that involves confronting what could be the biggest obstacle to your bank's success: yourself.
In her song "Anti-hero," Taylor confesses, "It's me. Hi. I'm the problem. It's me." This honest confession reflects her readiness to take responsibility for her actions and choices, even the ones that led to mistakes. It's a trait that has endeared her to millions and has played a pivotal role in building her brand.
Taylor Swift's approach to music and a credit officer's role in underwriting and risk management processes for commercial loans really aren't all that different. While Swift weaves emotional depth and authenticity into her songs, credit officers unravel the complexities of financial statements with precision, ensuring transparency and a deep understanding of each transaction. However, there's a common pitfall that can hinder success: complacency.
In other words, you might find yourself getting "older but just never wiser."
It's easy to fall into the routine of following traditional lending practices without considering the evolving needs of your clients or the advancements in technology that could streamline your processes. This is where Taylor Swift's message comes into play – acknowledging that the "problem" might actually be you.
In a rapidly changing financial landscape, "it must be exhausting" clinging to outdated methods that can stunt growth and innovation. Baker Hill's Loan Origination platform provides a solution to this challenge, offering a way to accelerate the lending process and revitalize your approach. But this change requires challenging the status quo and breaking free from the mindset that processes work simply because they've been "left to [their] own devices" for years.
Much like Taylor Swift's willingness to experiment with different musical genres and styles, embracing innovative lending solutions can open up new avenues for success. It's about "star[ing] directly...in the mirror" and recognizing that change begins with you. Swift's brand is built on evolution – from country to pop to indie-folk – and she's never been afraid to reinvent herself. Similarly, as a Chief Credit Officer, it's your responsibility to initiate change and drive your bank or credit union towards a more efficient and client-centric approach.
Here are a few lessons to take from Taylor Swift so you don't "end up in crisis (tale as old as time)":
- Embrace Vulnerability: Just as Swift lays bare her emotions in her songs, be willing to admit when your bank's lending processes need improvement. Vulnerability can be a strength when it leads to growth.
- Seek Innovation: Swift is known for pushing boundaries and exploring new artistic territories. Apply the same mindset to your lending practices. Don't hesitate to explore innovative solutions like Baker Hill's Loan Origination platform to enhance efficiency and customer experience.
- Listen to Your Audience: Swift's connection with her fans is a testament to her ability to understand their desires. Similarly, actively listening to your teams and your clients will help your institution retain talent and make your customers your biggest fans.
- Evolve and Adapt: Swift's willingness to evolve has been key to her enduring success. Embrace change and adapt your lending strategies to match the ever-changing financial landscape.
Taylor Swift's journey from a country newcomer to global pop icon offers valuable insights for Chief Credit Officers. As you navigate the complexities of commercial lending, remember that success requires introspection and a commitment to change. So, take a page out of Taylor Swift's playbook – when it comes to progress, sometimes it's as simple as saying, "It's me. Hi. I'm the problem. It's me."
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Posted on Tuesday, September 5, 2023 at 8:00 AM
by Ashley Garrison