Business
In this Episode, Reliant Funding CEO, Steve Keitz shares the lessons he learned during Covid and the best practice to continue post-covid. Steve also provides invaluable insights into company culture, company cost optimization, and the use of AI in a financial services company. Highlights: Focus on employee and customer needs: During the COVID-19 pandemic, Reliant Funding prioritized the health and safety of their employees and showed flexibility towards their needs, including working from home and adjusting payments for struggling customers. This approach helped maintain high customer satisfaction and employee retention. Embrace technology: Reliant Funding utilized virtual private networks (VPNs) and provided employees with the necessary equipment to ensure secure access to essential technologies like Salesforce, QuickBooks, and the marketing cloud. This enabled their workforce to continue their jobs remotely without disruption. A recession is coming, although it may be slower due to inflation impacting discretionary income, resulting in less buying, and the housing market's impact on the US economy. Companies must inventory all their efforts to understand the return on investment and decide if they are projects that increase revenue or lower expenses. Automated underwriting in the merchant cash advance space is a people and time-intensive process, but companies like Reliant Funding have invested a lot of money in technology to do it. The future of AI and machine learning in the industry is using neural net algorithms that constantly update information. Companies must optimize their cost while maintaining long-term growth. Building companies with excess talent, approving projects without knowing their return on investment, and undertaking projects that do not increase revenue or lower expenses should be avoided. For more updates, visit: bolt.today