5 Minutes with the Financial Institutions Chair

What’s happening in the bank sector of the equipment finance space? Equipment Leasing & Finance magazine caught up with Ernie Tsorvas, Chair of the Financial Institutions Business Council Steering Committee (BCSC), to take the pulse of this sector. Tsorvas, Senior Vice President, National Sales Manager at Fifth Third Bank, is currently serving his first year as Chair of the committee, which engages bank-related organizations and other financial institutions involved in single transactions over $5 million.

From your perspective, what hot topics is the bank sector focused on this year?

The COVID-19 pandemic has changed the way we look at the equipment finance industry. From working remotely and returning to the office, from Zoom meetings to traveling to customer meetings again, technology has enabled and optimized our productivity during the past year. It has opened our eyes to the ways of the future and accelerated our movements in those directions. 

To that end, we just held our Bank Best Practices Roundtable focused on navigating the e-documentation process. Widely accepted in the small-ticket arena, the pandemic emphasized the need for broader adoption of the technology across our industry. Our roundtable talked to the benefits and challenges of the e-documentation process, and our subject matter experts led the discussions and shared their vast experience with the participants. As we look to the future, we need to embrace the technologies that allow us to be more agile and efficient, so we deliver the best possible experience to our customers.

How did you get involved with the BCSC? Would you recommend it to others? 

When I assumed leadership of the Fifth Third Equipment Finance direct sales force in 2016, I had a quarter century of equipment finance experience, but very little experience working within a regulated bank environment. I wanted to find a way to leverage my peers’ expertise to navigate and optimize the parent bank relationship, while building a stronger sales organization within the line of business.

After attending several ELFA events, I was made aware of the Financial Institutions Business Council Steering Committee. I thought joining would be a great way to stay connected to our industry, exchange knowledge and best practices with peers, and expand my network to diversify views and see how other people and organizations develop their teams. It has turned out to be that and more.

I was fortunate enough to be appointed Chair of the Financial Institutions BCSC for 2021 and will conclude my four years on the Council this fall. I would highly recommend participation by new members and continued participation by existing members to help broaden the awareness and understanding of our industry. It’s a unique opportunity to expand and diversify your network while helping to shape the form and direction of the equipment finance industry.