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    As of late I have been studying the habits and mannerisms of those who have achieved great success and reached the pinnacle of their respective fields. Much of what separates them from the rest of the pack surrounds a few key tenets; sacrifice, perseverance, purpose and drive. I recently finished a terrific book, Relentless: From Good to Great to Unstoppable, by Tim Grover (trainer to world class athletes of such prominence as Michael Jordan and Kobe Bryant) which provides a simple pathway to preeminence – becoming what Grover refers to as a “cleaner”. Being a “cleaner” means “never being satisfied. It means creating new goals every time you reach your personal best. If you’re good, it means you don’t stop until you’re great. If you’re great, it means you fight until you’re unstoppable.” (Grover, Tim) This ideology surrounds a core strategy and mental state that is the linchpin of the system; finding comfort in being uncomfortable and doing everything that others are unwilling to do.

    Although the information is easily understood and straightforward, having the discipline and drive to put it into practice provides the mechanism which distills excellence; and the reason that club of “cleaners”, so called, is so small. Applying these principles to the world of Fintech and alternative lending, what are some of the fundamentals that led to the meteoric rise of players such as Affirm, Greensky, Loan Builder, OnDeck, and Stripe? Simple: Advanced Underwriting – you’re only as good as your information and we all know that information is the most valuable commodity on earth, ergo, this is the number one factor that will determine how you will fare in the marketplace – and whether you stay at your current position or ascend to the ranks to greatness; Risk Management – how well are you managing your downside risk? What is your plan to hedge against defaults and other pitfalls that can spell disaster for your bottom line? This invariably leads us to the third fundamental; Procurement/Collections – in the Fintech world, you’re only as good as your collections department, as it is the last line of defense to keep your company from losing profits and ultimately going under. How much (percentage wise) does your company recover on loans and advances that have gone into collections? How much is written off?

    As you can see, these precepts work in concert with each other and are the necessary fertile soil from which success and subsequently, market supremacy, spring forth from. It isn’t a coincidence that the “cleaners” are where they are – they did the work and followed the structure and discipline that produce such ilk. As late preacher, Charles Haddon Spurgeon opined, “Wisdom is the right use of knowledge. To know is not to be wise. Many men know a great deal and are all the greater fools for it. There is no fool, so great a fool, as a knowing fool. But to know how to use knowledge is to have wisdom.” The wise, reasonable and prudent individual knows and seizes opportunity when they see it, relying on assistance when it is offered and having the fortitude to follow through to the end goal.

    When will you apply your knowledge and truth? Contact a relationship manager today and see why Advanced Underwriting, Risk Management and Procurement/Collections Equity Group is peerless when it comes to creating “cleaners”, a club whereby its membership dues of success are happily paid daily.