Pub. 5 2017 Issue 3

www.uba.org 12 ease. EnerBank allows contractors to extend their value to the homeowner—and ultimately grow their business—by providing a choice of payment options and then letting their customers decide which one works best for them. Utah Banker: Why do contractors typically come to EnerBank? Charlie: Most homeowners have lofty dreams when planning to remodel. But either they don't have enough saved up to realize the dream (or they underestimate the cost), or they don't want to dip into their savings, investments or home equity or use high rate credit cards to get it. As a result, they might settle on lower quality materials or cut back the scope of the project. Contractors have an answer to this common problem. They can help their customers get the dream project they want—and subsequently get bigger sales—by offering a choice of a same- as-cash loan or a low monthly payment loan with quick credit decisions and easy payment terms. Homeowners are attracted to contractors who offer this financing when they learn it can actually reduce their risk on a home improvement project— since contractors must be authorized with the bank to get the financing. In addition, since EnerBank’s payment options are unsecured, a homeowner’s house is not used as collateral on the loan. That’s another big selling point. Beyond the banking basics, EnerBank provides differentiated value through our outstanding customer service, as well as market- ing support and tools for contractors who want to stand out from the competition and continue to grow their businesses. Utah Banker: What trends in the industry / economy are affecting your business for better or worse? Charlie: Research shows that more and more larger home improve- ment projects are being financed. Additionally, a greater number of millennials are spending money on improving their homes. Another trend is the number of contractors now offering financing through specialty banks like EnerBank. Utah Banker: How has specialty banking changed in Utah – and even the United States – over the last 15 years? What will the future bring? Charlie: Utah has become one of the larger financial ser- vices centers in US, ranking number 7 in terms of banking assets while it ranks 31st by population. I can see technology advancements making some of the biggest changes in specialty banking over the next 15 years. Mobile banking, for example, will be exciting to watch. The smartphone, which today is already the banking tool of choice for millennials, will evolve and connect to the Internet of Things. This will allow financial institutions, contractors and homeowners to interact and do business in a seamless process that will be a natural part of our lives. Here’s a sample scenario we’ll see in 2030: You’re doing a remodel on your home. You invite a contractor to come visit and give you an estimate. As she approaches, sensors tell her your home’s construction, repair history, proposed remodel- ing details and other environmental issues to consider. Upon meeting, the discussion immediately turns to the several options you both learned from the data, including options for payment. Once decided, you simply say the word and the funding for your remodel is kick-started automatically. Utah Banker: Finally, what's the best thing about being President and CEO of a bank like EnerBank? Charlie: I love to see our contractors and business partners increase their sales and grow their businesses overall because they were able to offer their clients diverse payment choices that really work, and it’s rewarding to be a part of helping homeowners’ remodeling dreams come true. I also enjoy watching our employees excel in their current positions and be promoted and grow professionally along with the bank. n  EnerBank — continued from page 11 I love to see our contractors and business partners increase their sales and grow their businesses overall because they were able to offer their clients diverse payment choices that really work, and it’s rewarding to be a part of helping homeowners’ remodeling dreams come true.