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The Next Step in Small and Medium Enterprise Lending

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The Next Step in Small and Medium Enterprise Lending THE NEXT STEP IN SMALL AND MEDIUM ENTERPRISE LENDING David Alexander Stroud B. Com., University of British Columbia, 1997 A PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION In the Faculty of Business Administration EMBA Program O David Alexander Stroud 2004 SIMON FRASER UNIVERSITY August 2004 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means, without permission of the author. ABSTRACT This project examines the business lending industry in Canada and the strategic direction of the small and medium enterprise (SME) lending business of the Toronto- Dominion Bank Financial Group (TDBFG). TDBFG is one of the largest schedule I banks in Canada, however its market share of the SME lending market is substantially less than its market share in other business segments. This paper will assess the current environment in which the Bank operates and identify key success factors in the SME financing business. It will then present TDBFG's optimal strategy going forward as well as an alternative strategy. An evaluation of TDBFG's current internal capabilities will determine whether the Bank is capable of executing the optimal strategy or should instead undertake alternative strategy. Presently the SME customer category is served by both the small business banking arm of the TD Canada Trust and the TD Commerial bank and as a result any recommended solutions will focus on these two business units. APPROVAL Name: David Stroud Degree: Master of Business Administration The Next Step in Small and Title of Thesis: Medium Enterprise Lending Supervisory Committee: Dr. Neil Abramson Senior Supervisor Associate Professor Faculty of~iness~ministration Supervisor (1 Associate Professor Faculty of Business Administration Date Approved: -0-by Executive MBA Program Partial Copyright License I hereby grant to Simon Fraser University the right to lend my thesis, project or extended essay (the title of which is shown below) to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. I further agree that permission for multiple copying of this work for scholarly purposes may be granted by me or the Dean of Graduate Studies. It is understood that copying or publication of this work for financial gain shall not be allowed without my written permission. Title of Thesis/Project/Extended Essay The Next Step in Small and Medium Enterprise Lending Author: ba- Date DEDICATION This paper is dedicated to Isabelle. My work over the past two years pales in comparison to her love, hard work, dedication and sacrifice throughout my lifetime in her unrelenting drive to help me realize my potential. My dream is to make her proud. ACKNOWLEDGEMENTS Over the past two years many individuals have provided encouragement and support towards the attainment of my degree and completion of this program. First I would like to thank my best friend Ed Fidler and brother Chris Stroud for your support, encouragement and friendly rivalry. I thank John Stroud-Drinkwater for his efforts to assist me through the last stretch. I thank my two managers throughout the program, Jim Yee and Ruth Lee for providing support towards my endeavour and acknowledging my efforts in furthering my education. Finally, I thank my team members, cohorts and professors through whom I acquired my knowledge and sharpened my critical thinking. TABLE OF CONTENTS .. Approval ........................................................................................................................11 ... Abstract ........................................................................................................................ III Dedication ....................................................................................................................iv Acknowledgements....................................................................................................... v Table of Contents .......................................................................................................vi ... List of Figures ............................................................................................................VIII List of Tables .............................................................................................................. ix Glossary or List of Abbreviations and Acronyms .......................................................x 1 Chapter One: Small & Medium Enterprise Lending At The TD Bank Financial Group ...................................................................................................1 The Toronto Dominion Bank Financial Group ........................................1 The Corporate Group ...................................................................................3 TD Canada Trust .........................................................................................4 Business Banking & Insurance ....................................................................7 Wholesale Banking ....................................................................................10 Wealth Management.................................................................................. II TD Waterhouse USA .................................................................................12 Focus of this Strategic Analysis .................................................................12 Chapter Two: The SME Lending Industry ........................................ 14 Business Lending Defined .........................................................................14 Industry Analysis ....................................................................................... 14 New Entrants .............................................................................................17 Suppliers ...................................................................................................21 Customers Analysis ...................................................................................23 Substitutes .................................................................................................29 Value Chain Analysis .................................................................................31 Securities Underwriting ..............................................................................32 Marketing ...................................................................................................33 Distribution ................................................................................................34 Loan Production & Credit Management .....................................................37 Service .....................................................................................................-39 Competitive Analysis ................................................................................. 41 Competitive Concentration is high .............................................................44 Increased Competitive Pressure from Mature Market................................ 44 Commoditization of Banking Products and Services ..................................44 Technology Enables the Easy Switch ........................................................45 High fixed assets costs ..............................................................................45 Brand Equity Costs and Political Barriers to Exit ........................................ 46 Key Success Factors .................................................................................46 Culture .......................................................................................................46 Marketing................................................................................................... 47 Sales & Distribution ...................................................................................48 Systems and Processes ............................................................................49 Credit Policy & Risk Management.............................................................. 50 The Current Strategy .................................................................................50 Core Strategy ............................................................................................51 Optimal Rapid Penetration Strategy 52 ~ ........................................................... Culture .......................................................................................................53 Marketing................................................................................................... 53 Sales & Distribution ...................................................................................54 Systems and Processes ............................................................................56 Credit Policy & Risk Management.............................................................. 60 Alternative Rapid Penetration Strategy ......................................................61 Credit Scoring Technology .........................................................................63 Credit Management Technology ................................................................63 Organization & Compensation Structure ....................................................63 Product Development ................................................................................64
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