What do lenders and Lewis Hamilton have in common?
(This one will surprise you!)
๐ Lewis Hamilton clinched victory at Silverstone this weekend in a tumultuous race
๐ง He thanked his team and took his lead engineer โBonoโ onto centre stage with him
๐ป What he did not say, is that his car, like all the F1 cars, is powered by the same technology provided by McLaren
๐ 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
๐ง Lessons:
๐๏ธ 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.
๐ฐ 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.
๐๐ก๐ ๐๐ข๐๐๐๐ซ๐๐ง๐ญ๐ข๐๐ญ๐จ๐ซ ๐๐๐ญ๐ฐ๐๐๐ง ๐ฅ๐๐ง๐๐๐ซ๐ฌ, ๐ฅ๐ข๐ค๐ ๐ 1 ๐ญ๐๐๐ฆ๐ฌ, ๐ข๐ฌ ๐ญ๐ก๐๐ข๐ซ ๐๐ซ๐๐ง๐, ๐ญ๐๐๐ฆ ๐๐ง๐ ๐ซ๐ข๐ฌ๐ค ๐๐ฉ๐ฉ๐๐ญ๐ข๐ญ๐.
๐๐ก๐ข๐ฌ ๐ข๐ฌ ๐ฐ๐ก๐ฒ ๐ค๐๐ง๐ง๐๐ค ๐๐ฑ๐ข๐ฌ๐ญ๐ฌ: ๐ญ๐จ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ ๐ญ๐ก๐ ๐ฌ๐จ๐๐ญ๐ฐ๐๐ซ๐ ๐ญ๐ก๐๐ญ ๐๐ง๐๐๐ฅ๐๐ฌ ๐ฅ๐๐ง๐๐๐ซ๐ฌ ๐ญ๐จ ๐๐ ๐ญ๐ก๐ ๐๐ก๐๐ฆ๐ฉ๐ข๐จ๐ง๐ฌ ๐ฐ๐ก๐จ ๐๐ฎ๐๐ฅ ๐ญ๐ก๐ ๐ซ๐๐๐ฅ ๐๐๐จ๐ง๐จ๐ฆ๐ฒ ๐