Don’t Become Another Construction Lender Swallowed Up by a Big Bank: Learn How to Stay Competitive
Those who are not in the industry may think that the days of independent construction lenders are far behind us but you know that is far from true. You also know that if action isn’t taken, it could be the near future. At ECL Software we don’t want to see your company swallowed up by a larger bank. That’s why we’ve compiled a few simple steps that can help you prevent that. If you have questions, contact ECL Software at 800-625-5972 to learn about our Just Do It Once software.
Look at Your IT System
First and foremost, take a long hard look at your technology. Do you have an IT system that can compete with larger companies? Do you offer an app for clients? Are you up to date on the latest fund control software? If not, you should assume that you are losing business because of it. Sit down and consider what the business requirements are for your company and then look at ways to let technology handle some of them. Close the gap between when you need to do and what you are currently doing.
Evaluate What Truly Sets You Apart
You are unique. You have a different business model than the big banks. What truly makes your company unique? Do not say something like, “We offer better customer service.” What does that mean? Avoid generic statements and get to the heart of it. Give potential clients specific information about what you can do for them.
For example, perhaps part of your “better customer service” is that you give out your home cell phone number in case after hours issues come up. Perhaps you host a monthly lunch meeting during which you give your clients a chance to talk about the issues they have and how you can solve them. Whatever sets you apart, make sure that it is clear.
Make Sure Everyone Has Access to Updated, Real-Time Data
One of the ways the “big guys” can continue to provide superior service to smaller banks is by providing their staff easy access to new information. They never have to worry about looking at outdated information and making decisions based on it – instead they look at information that is updated the second it is changed.
This is something you can compete with by ensuring you have the same level of accuracy in your data pools. Once again, ECL Software is there to make this happen. Our software can be customized in more than 800 ways, which assures that you can get updated access to exactly what you want. You can provide permission to view or make changes to people based on their role within your company so it is always easy to give the necessary access.
If you would like to learn more about the many options we make a reality for you, contact us at 800-625-5972 today.