Dear Jamie Diamond, Brian Moynihan, Michael Corbat and John Stumpf: I could save you a whole lot of money?

As many of us know, obtaining in loan in America is a daunting task.  You gather three years of tax returns, your personal financial statement, a DNA sample, and hope for the best.

You stroll into your local bank branch with a decidedly chipper hop in your gait, sit in front of a banker and then are told what is wrong with your financial life.

Ugh!

And while it may seem as though the banks are to blame, they simply are not.  They have a job to do that is no less daunting than the customer walking through the door.  They have to “find” people not only to whom to lend money, but also to who will pay it back.  Banks lend money as a business and when people do not pay that money back, they risk NOT being in business.

But for banks, it is much graver than that.

They have these things called shareholders who want, ney demand, a return on their money.  When money is not paid back on loans, no one is happy; the borrower has to deal with endless calls from collectors or deal with bankruptcy, the banks have an un-performing loan and lose money, and the shareholders complain about the stock price that goes down.

While simplistic in form, you get the idea.

The banks spend hundreds of millions of dollars trying to attract credit worthy borrowers; those people an algorithm has deemed worth taking a risk upon to lend their bank’s money.  And, lest you think this is the human face sitting across from you when you plop down your tax returns… I assure you, it is not. 

Broad strokes here.

So my plea is to the head of four largest banks in America… I can save you money.

·       I will reduce your lending units by over fifty percent.  I know how many people you have on the street looking for credit worthy borrowers.

·       I will save you millions in advertising dollars.

·       I will save you billions in payroll dollars.

·       Your lending units will become dramatically more efficient.

·       I will save you brick and mortar rental/owned space.

·       I will reduce your Worker’s Compensation claims by over 50%.

·       I will save you 50% in benefits packages.

·       You will actually lend more money, lower default rates, and improve your public image in one fell swoop.

Technology is the greatest asset we have in America.

Call me.