CU 2.0 Podcast Episode 301 Seth Brickman, Ranqx, and New Style Small Business Lending for Credit Unions

Podcast Guest Seth Brickman

Scrolling through LinkedIn, I happened upon this post on Seth Brickman’s page: “I am excited to announce that I am now the President, Ranqx and can’t wait to help credit unions help small businesses and change communities for the better.”

Stop presses.  Brickman, longtime listeners to this podcast well know, had been CEO of QCash, an innovative service birthed at WSECU and which had been sold to Alloya, a bit over a year ago.

What was up with Brickman?  On LinkedIn he also posted a Ranqx press release that quotes him saying this: “Small businesses make up almost half the workforce, half of the US commercial revenue and over 60% of net new jobs. The ability to help small businesses get access to the capital they need in a fully digital way with each credit union’s own underwriting criteria in under 5 min (as opposed to 1-2 weeks) will be a game changer for communities nationwide and bring businesses back into the credit union. Any time we can drive deposits and impact communities at the same time, we are doing good things for the industry.”

We had to book him on the show.

Here’s the core Ranqx selling proposition: its technology can let a credit union process a loan app from a small business in perhaps five minutes as opposed to the two weeks it might take a human employee to do the same work.

Oh, consider that maybe 70% of small business loan apps are declined by credit unions.  And each of those applications consumed two weeks or more of human labor.

Bring on the machines!

Brickman knows that most credit unions are struggling to bring in small business members. And he believes the Ranqx tools – white labeled – will enable credit unions to more successfully attract small business members.

In the show he also notes that Ranqx is already a CUSO, it has credit union investors but is looking for more. He also says he soon will be looking to hire sales people – email him here.

Give the guy a break, too. We talked on his fourth day at Ranqx.  

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