One of the most important aspects of my job is keeping up with trends in the industries we’re involved in -- not only lending, but construction, software and technology, as well. And the end of the year brings us a great time to look at what’s coming next, to see what trends we should expect in the coming months.
Here at Built, we’re passionate about the work we’re doing. Just watch Chase Gilbert talk about the pains our construction lenders feel on a day-to-day basis and you’ll see how much he cares. And at times we can get a bit extreme. We’ve been known to throw the phrase “Death to spreadsheets” around the office.
I’ve learned very quickly here at Built that the life of a Chief Risk Officer isn’t easy. Their world requires constant vigilance -- keeping up with all compliance matters while aiming to balance risk and reward for their institution. We could probably devote an entire series of Built Answers posts to just an hour of the concerns they face in a day.
Topics: Construction Lending
Your company has brand new software ready for implementation, but surprise, surprise your team has met the change with resistance. Creatures of habit, your human employees cannot help but resist change and all of the hard work that goes with it. When it comes to implementing change successfully, commitment is key. Include the following elements in your implementation strategy to get employees as excited about the new software as you are.
When introducing a new software solution to the workplace, providing plenty of resources, training opportunities, and ongoing help to employees is paramount to a successful transition. Staff training will ensure employees feel engaged and included in the process and implementation of new software. Training will also help you fully realize the software's capabilities, and employee input during training will shed light on a plethora of unique scenarios and applications of the new system. Before implementing new software, be sure you have a well-planned training strategy in place.
If introduced to employees in the wrong way, change in the workplace forces employees into a grieving process in which they must learn to let go of their old ways to accept new processes. As it does in personal life, grief in the workplace also comes complete with five stages including denial, anger, bargaining, depression, and acceptance.
The workplace grieving process can be mitigated somewhat by including employees in the conversations which take place around an impending change throughout the process leading up to a decision. Change, however, is difficult for everyone, and the grieving process cannot be completely avoided. If you plan to implement a change, such as new software, to your company, learn to recognize the stages of grief in your staff and take these steps to usher them through the process.
The Digital Lending + Investing Conference, hosted by SourceMedia, brings together the brightest minds in lending, loan investing and fintech to discuss what's next in the consumer finance industry.
Yes, in our digitally connected age, most of your borrowers will be technologically savvy and aware of the dangers online communications pose in potentially putting their personal information at risk. Some of your borrowers, however, still might not be aware of these risks and how to mitigate them, or might not be aware of which types of information should be considered sensitive. Whether they know it or not, can you guarantee your clients' security throughout the construction loan process?
In 2014 we set out to help banks and other lenders improve the way construction lending works with technology. After first-hand experience with the frustrations of managing residential, commercial, and land development construction loans, we knew that modern technology had to be introduced to improve this complex area of lending.