1 / 10

Microlending Academy Peer Discussion

Join the discussion on the small business lending landscape and the role of mission-driven lenders in responding to the fast-growing online FinTech industry. Review key points from the OFN webinar, explore suggestions, and provide feedback on CAMEO's services and potential role. Topics include the benefits and risks of FinTech, options for improving competitiveness while staying aligned with mission, and leveraging technology and branding for customer service.

labrador
Download Presentation

Microlending Academy Peer Discussion

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Microlending AcademyPeer Discussion OFN: Small Business Lending Landscape & Responding to FinTech

  2. Today’s Agenda • Review key points from OFN webinar • Review some of their suggestions • Discuss • Give feedback on role or services CAMEO could provide

  3. Today’s Questions • Should mission-driven lenders respond tothe fast-growing online Fin Tech industry? • Reasons not to • Reasons to • What are some options that improve our competitiveness, yet keep us aligned with our mission?

  4. The Small Biz Loan Market • 25 million microenterprises in US • 22% apply for credit each year • Total small business loan market: $186 billion • FinTech: $13.7 billion in 2015 (7%) • OFN CDFIs: $656 million in 2014 (.4%) • Loans under $100,000 account for 90% of small business loans

  5. Benefits and Risks of Fin Tech • Easy application • Fast turn around • Higher approval rates • APR hidden • Daily ACH absorbs working capital • Repeat borrowing • Based on success of lender not borrower

  6. Discussion Should mission-driven lenders respond to the fast-growing online Fin Tech industry? • Reasons not to • Reasons to

  7. Some Options: Technology • Offer online application • Use automated document retrieval • Use some data driven assessment tools • Leverage mobile device accessibility

  8. More Options: Branding & Customer Service • Compare your website to fintech: • “Call to action” • Ease of application access and completion • Strive to make your process a highly rated customer experience: ease and speed • Transparency about rate, terms, process • Branding as preferred option, not last resort

  9. Other Ideas? CAMEO’s Role?

  10. Thanks!!

More Related