About WebBank
WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $155 billion in consumer and commercial credit products. As “The Bank Behind the Brand®”, WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, finance companies, software as a service (SaaS) and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through embedded finance with Strategic Partner platforms. WebBank engages in a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more. The Bank provides capital in the form of asset-backed lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners and Security Premium Finance, a wholly owned subsidiary of National Partners.
Job Summary
The Business Development Intern will be responsible for supporting a variety of the Bank’s business development activities associated with securing new strategic partners (clients) of the Bank across the sales lifecycle. The work effort will be a combination of day-to-day sales support as well as more involved project/strategy-oriented work over the course of the internship. The Business Development Intern will report to and work under the direct supervision of a Manager and/or Vice President of the Bank.
The development value of the role for the Intern includes building a number of critical skills and acquiring industry knowledge in various areas such as:
- Obtain a deeper understanding of the FinTech and financial ecosystem including the start-up/fundraising stage (e.g. VC’s), product development, go-to-market and customer acquisition strategies, competitor landscape, and the capital markets more broadly
- Deepen knowledge of credit and embedded finance products across both consumer and B2B segments and numerous industry verticals (e.g. E-commerce, SaaS, retail, healthcare, auto, solar, etc.)
- Gain exposure across the business development lifecycle – from initial market analysis/research through to prospect pitches, pricing proposals, solution structuring, and contract (term sheet) negotiation
- Develop a strategic mindset through projects and initiatives, including honing presentation skills to the Bank’s senior executives
Primary Responsibilities
- Perform market analysis and research on specific industries/segments/prospects aligned with the Bank’s strategic growth areas
- Develop sales collateral and presentation slides for usage in prospect pitches
- Outreach to target market prospects to establish initial relationship / introductory meetings (including as part of industry conferences the Bank attends)
- Participation and notetaking of early prospect calls and pitches to outline the Bank’s value proposition, partnership model, and determination of potential fit/target market alignment
- Support team members in ongoing deal pipeline and opportunity reporting including usage of Salesforce/CRM and related tools and trackers
- Work on both strategic and ad-hoc projects as necessary
Qualifications
You Have:
- Working towards a bachelor's degree in a business or technical field including, business administration, accounting, finance, engineering or computer science
- A basic understanding of corporate/business finance concepts and related reporting (e.g. income statements, balance sheet, capital markets, etc.)
- Outstanding initiative, communication skills (verbal and written), attention to detail and organizational skills
- Strong Excel and presentation/PowerPoint skills
- Ability to work in a fast-paced and dynamic environment
- An interest in learning about both the FinTech and consumer/B2B lending space
- Two semesters (or less) of coursework to complete prior to graduation
