Those who don’t learn from history are bound to repeat it. So are you ready to compete in the new normal of lending?
Times have changed. That is an understatement, I know. Of course we felt and said the same thing after the Financial Crisis of 2008 but it many ways we lulled ourselves back in the rigmarole of the day-to-day and have forgotten that we would find ways to prepare ourselves better for the next crisis. Well it’s here.
So did we learn from the last financial crisis? Amidst the chaos of 2008, paralyzed banks and lenders stopped everything they were doing to simply brace and survive. It is the natural human reaction – to pull back and stop all motion until the ground stops shaking. Some made it and some didn’t. For those who remain, what have we really started doing differently? Sure we added more streamlined loan app processes, built and created more digital channels, and have focused on the front-line experience and those things are great, but they don’t change the fundamentals of how we do business and they don’t incite growth now. We’ve said it before but your pricing is the key to short and long-term growth. Now pricing is nothing new, you work on it everyday, but with a new world in front of us we have to do it better. This is when we change.
- make or become different.
- make changes in something established
When we come out of this current environment, and we will, prepare now for the future. Innovate and change are one in the same so don’t get caught up on terminology. Forced industry evolution shouldn’t be a time for banks to stop – it should be propelling us forward. So what did we learn from the pandemic of 2020? Let’s prepare now so we can answer this question differently in the future.
I continue the conversation in this week’s Three Minute Banker and show you just why we built Nomis Mortgage. To give you a new approach to a fundamental of banking growth.
We are teaming up with HousingWire to host a free Mortgage Tech Virtual Demo Day April 27th. Stop in and learn more about the tools that can help you do you job better – now. I hope to see you there.