Judo’s Tight Grip On Relationships
Banking newcomer, Judo Bank, is garnering impressive support in the guru sphere.
Writing in The Australian Newspaper, the highly respected journalist and commentator, Robert Gottliebson extols what he calls Judo’s attempts to “revive a branch of the human species” he thought was long dead.
He’s talking about bankers who are trained to build relationships with their customers and to personally assess the character of a business owner before approving a loan.
This boots on the ground approach to banking has all but disappeared because of cost cutting by the big lenders who, along with low cost online competitors, rely on complex algorithms to assess loan applicants.
Gottliebson agrees with Judo Bank’s philosophy that some reliable old-school practices can be re-enabled by the efficiences and low administration costs of modern banking practices.
Gottliebsen says, “if Australia is to prosper and generate jobs in the 21st century the experiment must work and spread throughout the banking community.”
The proof is in the pudding. In it’s first nine months of operation Judo Bank generated $1 Billion in business loans.