What do lenders and Lewis Hamilton have in common?

What do lenders and Lewis Hamilton have in common?

(This one will surprise you!)

🏆 Lewis Hamilton clinched victory at Silverstone this weekend in a tumultuous race

🔧 He thanked his team and took his lead engineer “Bono” onto centre stage with him

💻 What he did not say, is that his car, like all the F1 cars, is powered by the same technology provided by McLaren

📚 The facts:

In 2006, the FIA understood that all F1 teams needed excellent technology to race but recognised that the costs of competing became unsustainable for most teams

So they put out a tender for a standard set of electronics for F1 cars

McLaren won the tender and now provide the technology for ALL F1 teams

🧠 Lessons:

🏎️ F1 teams know that good technology is critical for performance but it is not differentiating. What makes them unique is their brand, team and risk appetite.

💰 The same can be said of lenders. Excellent lending technology is crucial for scalability, cost-efficiency, risk-management and investor reporting. But it is not differentiating.

𝐓𝐡𝐞 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭𝐢𝐚𝐭𝐨𝐫 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝐥𝐞𝐧𝐝𝐞𝐫𝐬, 𝐥𝐢𝐤𝐞 𝐅1 𝐭𝐞𝐚𝐦𝐬, 𝐢𝐬 𝐭𝐡𝐞𝐢𝐫 𝐛𝐫𝐚𝐧𝐝, 𝐭𝐞𝐚𝐦 𝐚𝐧𝐝 𝐫𝐢𝐬𝐤 𝐚𝐩𝐩𝐞𝐭𝐢𝐭𝐞.

𝐓𝐡𝐢𝐬 𝐢𝐬 𝐰𝐡𝐲 𝐤𝐞𝐧𝐧𝐞𝐤 𝐞𝐱𝐢𝐬𝐭𝐬: 𝐭𝐨 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐭𝐡𝐞 𝐬𝐨𝐟𝐭𝐰𝐚𝐫𝐞 𝐭𝐡𝐚𝐭 𝐞𝐧𝐚𝐛𝐥𝐞𝐬 𝐥𝐞𝐧𝐝𝐞𝐫𝐬 𝐭𝐨 𝐛𝐞 𝐭𝐡𝐞 𝐜𝐡𝐚𝐦𝐩𝐢𝐨𝐧𝐬 𝐰𝐡𝐨 𝐟𝐮𝐞𝐥 𝐭𝐡𝐞 𝐫𝐞𝐚𝐥 𝐞𝐜𝐨𝐧𝐨𝐦𝐲 🙌