What do lenders and Lewis Hamilton have in common?

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