Getting Dynamic in the Payday and Auto Title Loan Industry

by The CAB Man Texas on February 20, 2012

I know of many Credit Access Businesses in the payday loan and auto title loan industry who are getting “dynamic” with the way they are thinking. It seems like wherever I go it is the buzzword. New ideas are in play, and it is a pivotal time in our industry life cycle.

Legislative and regulatory drama is in the air as a result of the Consumer Financial Protection Bureau (“CFPB”) recently announcing their examination plans. They remain and unknown which causes fear in some, while others are inspired to conceive those new ideas that challenge established norms, tear down paradigms, and force an evolution into a new era.

Consumer need will not wane, it will continue to grow and become more sophisticated. So should your business!

What do you think “Dyanamic” means? Here are two definitions I like:

dy•nam•ic/dīˈnamik/
Adjective: Characterized by constant change, activity, or progress.

Noun: A force that stimulates change or progress within a system or process.

For many who have been in the business awhile, you know that one yellow pages ad is not going to secure your business the way it used to. Online operators who used to buy a lead for $20 and get a loan funded from a phone call and a bank statement know very well that was the “olden days.” Dynamic minds have since went to work and an evolution took place – the changes named above are only two of many.

What questions should you be asking today so that you can put your business on the track to long term success? Here’s a few to get you going… Have you embraced the reality that you need to evolve? Are you thinking about the needs of the customer? Are you looking at ways to improve vertical integration? Do you have a brand? What’s the competition doing? What’s the industry trend? Are you fully engaging the compliance process? Would you feel confident if the OCCC took you through and examination today? Is your software and reporting where it needs to be?

Michael Brown of CAB Consulting and Brokerage can be reached for questions and comments at 214-293-8676, or via email at cabconbrokerage@gmail.com.

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