2024 Monitor NextGen: Steven Whitman, Vice President of Small Ticket Operations, BankFinancial



Steven Whitman,
Vice President of Small Ticket
Operations,
BankFinancial
ELFA, NEFA

Since his promotion in 2022, Steven Whitman has served as the vice president of small ticket operations at BankFinancial. In this role, he oversees the day-to-day operations of the small ticket division, including responsibilities such as daily fundings, creditworthiness and collateral guidelines, policy change discussions, risk mitigation, collection accounts and portfolio management.

Due to the fast-paced nature of small ticket operations, Whitman has learned to adapt to changes in both the economic climate and the workplace. He sees his ability to address obstacles effectively and manage shifting priorities as his unique leadership quality. He says having a team that asks the right questions and knows when to seek advice is crucial for streamlined processes and portfolio performance. Whitman believes this is obtainable by being a fair and dedicated leader whom colleagues can look up to for guidance.

Whitman identifies minimal due diligence and underwriting procedures as the biggest challenges facing equipment finance today. Since all lenders have different risk appetites, he says, understanding the lender, borrower and deal structure is crucial for successfully closing a transaction. Whitman believes that inadequate due diligence significantly impacts policy and relationships, and that this due diligence is often overlooked in the fast-paced small ticket equipment finance sector.

Whitman views technology as ever-changing and sees its potential for diverse applications now and in the future. Having used multiple front-end systems during his career, he recognizes that staying at the forefront of technological innovation is crucial for adaptability. He believes that failing to leverage technology can create bottlenecks in the operational process, impacting volume.

If Whitman could change one thing about the industry, he would like to see standards established to enable lenders to communicate and share trends, issues and information about problematic deals. He envisions this being expanded through a common service or lender-organized software application.

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Terry Mulreany
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