Independent Banker - July 2023 - 67

Guest Experts:
Lending
Attracting New Deposits Through a
Differentiated Commercial Credit Offering
Challenge/ Solution: Dealers of manufactured goods need wholesale financing for inventory acquisition - banks are missing out on the
broader deposit relationship by not offering this key commercial credit solution.
Dealers of agricultural
equipment,
automobiles, home
appliances, and even
musical equipment,
depend on 3rd party
financing for the
wholesale acquisition
of the merchandise
they retail.
They are typically
limited to sponsored
solutions offered
by manufacturers,
or worse, specialty
finance companies that
are known for charging exorbitant rates for this business-critical
credit product.
Vero Technologies offers a lending-as-a-service solution for
banks that are interested in offering inventory financing as a new
commercial credit solution.
Vero partners with banks to develop the appropriate program
structure to meet the needs of the businesses they are most
focused on supporting. Through the 12-week implementation
process, Vero works with your Commercial Lending team to
develop the appropriate credit policies and loan documents,
acquire board approval, and establish underwriting requirements.
Vero will put a product specialist in your market to identify qualified
dealer leads, build a pipeline of applicants and close deals with
new customers for your bank.
As dealers apply for financing, Vero acts as an extension of
the bank's commercial lending operations - pre-qualifying
John Mizzi, CEO / john@vero-technologies.com / 734-355-0973
Vinny Panico, VP of Sales / vinny@vero-technologies.com / 908-507-1102
vero-technologies.com
applications, supporting the bank's underwriting process and
ultimately handling the day-to-day operations of the product as the
Servicing Agent of the bank's floor plan program.
Whether your organization lacks the necessary systems, or credit
expertise, Vero's lending-as-a-service solution enables Partner
Banks to offer this differentiated solution, without investing in any
new systems, or hiring additional headcount.
While growing loan balances is not the primary objective of
commercial lenders today in the same way that it was in 2021, Vero
has seen their Partner Banks use this differentiated credit offering
to attract new deposit relationships from both the dealerships, and
dealer principals.
Wholesale financing is also a means to diversify commercial
loan balances away from CRE, considering the uncertainty in the
commercial real estate market going into the back half of this year.
In addition to attracting new deposit relationships, floor plan
financing is a means to deepen relationships with dealers -
providing an incentive for dealers to work on a more exclusive
basis for indirect consumer or equipment financing as well.
Today, Vero supports programs across auto, agricultural
equipment, powersports, RVs, marine and lawn equipment dealers
through its network of Partner Banks.
If your bank is already doing floor plan financing and does not
have the appropriate systems in place, you can license Vero's
technology solution to streamline operations and improve risk
monitoring capabilities across your portfolio.
Reach out today to learn more about how to work with Vero to
attract new deposit relationships for your bank.
http://www.vero-technologies.com
Independent Banker - July 2023

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