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Sales Success is as Simple as Listening

Posted by David Karl   |  February 20, 2017 at 8:10 AM

Well, now that I have your attention, there are a ton of opinions about what contributes to sales success. Some people recommend working with prospects by day and producing reports and traveling by night. Others recommend diving deep into client analytics, building relationships with a nine iron, and sending birthday cards for their dogs.

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The Sobering Reality of the Mighty Dollar

Posted by Eric Salzman   |  February 15, 2017 at 2:55 PM

“Problems worthy of attacks prove their worth by hitting back.”—Adam Smith

This past Thursday, President Trump met with CEOs of major U.S. airlines and promised them a “phenomenal” tax policy that would be rolled out in a few weeks. With this statement, stocks, which had been limping a bit as some investors began to doubt the future of “the Trump rally”, caught a nice bid, along with the U.S. dollar (USD), at the expense of Treasury notes, as the ten-year rose from 2.33% to 2.44%. When the new president focuses on the economy, he focuses like a laser beam on global trade, looking to significantly reduce trade deficits with our major trading partners. With this in mind, many believe that the Trump administration will introduce a corporate tax policy that incorporates a “border adjustment tax” (BAT), where corporations are taxed at a higher rate for domestic sales and imports and not taxed on exports or sales made in overseas operations.

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Integrating Payment Reconciliation with Your Core

Posted by Jason O'Brien   |  February 13, 2017 at 4:43 PM

Payment processing options and consumer convenience are all the rage these days. You can barely peruse a lender trade publication or website without reading about the growth of Fintech and financial management applications and how they will ultimately affect the relationship account holders have with their financial institutions.

And, these are things we should be talking about. Technology and changing consumer expectations will have an impact on traditional financial transactions, and lenders have to be prepared to meet this consumer demand or risk losing engagement with a future generation of borrowers.

However, financial institutions should not lose sight of the implications that deploying new payment technology can have on their back-end operations, processing, and bottom line.

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Burning Down the House—Madame Le Pen Discovers Gresham’s Law

Posted by Eric Salzman   |  February 9, 2017 at 1:33 PM

Sir Thomas Gresham was a banker in the 1500s. The law that bears his name states that, “Bad money drives out good.” In a commodity, currency-based economy, if two currencies are introduced (and the rule of law accepts both at the same value), but one has more of a commodity attached to it (like silver or gold), people will hoard this “good” currency and pay their debts with the “bad” one. Apparently, Sir Thomas was called upon by Queen Elizabeth I to explain this theory because of what was happening to the English shilling. It turned out that her father, King Henry VIII, debased the shilling by putting less silver into it in order to pay the monarchy’s debts easier. Eventually, people started hoarding the coins with greater silver content, reducing the money supply and creating whatever they called a recession back then. The plan worked great for King Henry, while not so much for Queen Elizabeth!

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Meanwhile, over at the Fed

Posted by Eric Salzman   |  February 1, 2017 at 11:22 AM

While we are transfixed by the flurry of controversial actions emanating from the White House, over at the Federal Reserve (the Fed), Fed governors, presidents, and the former chairman have been quietly discussing how to unwind perhaps the most impactful and important socio-economic policy this country has seen probably since the “Great Society” in the 1960s. I’m referring to the Quantitative Easing (QE) program that started in late 2008 and continues to this day. Currently, the Fed has a balance sheet of approximately $4.5 trillion consisting mostly of Treasury notes and agency mortgage-backed securities (MBS). While they are no longer adding to the portfolio, they are still reinvesting the principal pay downs from the $1.8 trillion MBS portfolio to the tune of $25 to $40 billion a month.

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Introduction to the Payment Card Industry Data Security Standard (PCI DSS)

Posted by Brad Young   |  January 26, 2017 at 1:56 PM

Many of the lenders we partner with often feel like there's a never-ending list of regulatory and compliance requirements to meet. However, if you're lending, you're most likely accepting borrower payments, and you need to be informed about the intricacies of PCI DSS, or the Payment Card Industry Data Security Standard.

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What Is the Presidency for?

Posted by Eric Salzman   |  January 23, 2017 at 8:59 AM

It’s the big day! Friday was the first day in the history of the United States of America that we inaugurated a president who was not a vice president, congressman, governor, general, or high executive branch cabinet official. This is pretty significant, and so, for the first time in 228 years, we are trying something different.

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4 Things Consumers Expect from a Payments System

Posted by Jason O'Brien   |  January 19, 2017 at 5:14 PM

Consumers are empowered to do almost everything themselves online or via mobile—from comparing prices to checking in at the airport. Where there’s a will, consumers want a way, and that includes procuring their own customer service in the fastest, most convenient way possible. Here are a few things your financial institution can do to ensure you are meeting today’s consumer preferences and needs.

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When Not in Doubt, Doubt

Posted by Eric Salzman   |  January 9, 2017 at 11:45 AM

The great French philosopher, Voltaire, once said, “Doubt is not a pleasant condition, but certainty is absurd.” I may get that tenet tattooed on my forearm! I was certain that, if Donald Trump won the presidency this past November, the condition of uncertainty would plague risk markets and cause a sharp flight-to-quality rally in treasury notes. I really had no doubt. After all, what exactly would a candidate who ran on the promise of dramatic change in fiscal spending, tax and trade policy, regulation, and international security agreements do if he took office? How would such a bold shift in domestic and global policy affect the markets and the global economy? How would the Federal Reserve respond to a policy of large fiscal spending at a time of near full employment?

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Essentials for Successful Telephone and Email Sales

Posted by Dee Dee Metter   |  January 6, 2017 at 10:00 AM

Technology has had a major impact on many industries and the financial services industry has certainly not gone unaffected. The future is here now and the financial footprint has become global. To ensure a share of market, it’s vital to prepare ourselves to maximize multiple delivery channels and telephone and email are two of those. There are two thoughts regarding building customer relationships and selling products/services over the telephone and email:

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About the LenderHub Blog

SWBC's LenderHub blog is a one-stop resource for lenders. Come here to learn tips and best practices for risk management, income generation, marketing, operational improvement, and customer retention, as well as to learn about industry trends and SWBC news.