Meet Omar Jordan, Founder & CEO at Coviance:

Omar Jordan, the Founder & CEO of Coviance, commenced his journey in 2015 with a vision to reshape the banking and lending sector. Witnessing the aftermath of the 2009 financial crisis and the birth of the Consumer Financial Protection Bureau (CFPB), he recognized the need for accessible compliance solutions.

Under his leadership, Coviance, formerly known as Lender Clothes, has evolved into an automation powerhouse. They provide smaller banks and credit unions with the tools to navigate the complex world of regulations and streamline the loan underwriting process. By enhancing the borrower experience, they’ve set new standards for efficiency and customer satisfaction in the industry. Omar Jordan remains committed to innovating and leading Coviance toward a future where compliance and technology intersect seamlessly.

Listen Up: Omar Jordan, Founder & CEO at Coviance — Full Podcast Episode on Spotify

Watch Now: Vit’s In-Depth Talk with Omar Jordan

Quick Read: Omar Jordan, Founder & CEO at Coviance, Interview Highlights

Starting with Omar Jordan’s Journey

During our conversation, Omar Jordan, Founder & CEO of Coviance, shared his journey that began with his curiosity about the banking industry. In 2009, following the financial collapse, regulations in the industry increased, making it challenging for small community banks and credit unions to navigate. This inspired Omar’s vision for Coviance – a platform designed to help these institutions navigate the increasingly complex regulations and processes.

“That was what really drove the concept was affording banks and community credit unions the ability to navigate through that by inviting industry top vendors on this platform,” Omar said.

Attracting and Retaining Clients

Coviance has partnered with over 400 credit unions and community banks. What Omar attributes this success to is understanding their customers’ pain points.

“Every single one of us at Coviance is a customer for our customers. We are buying homes. We are selling homes. We’re taking home equity loans. We live through the experience of lending,” he explained.

Omar also emphasized the importance of focusing on their clients’ desired outcomes rather than showing them how to apply the technology.

Empowering the Team

Omar believes empowering his team has been a crucial part of Coviance’s success.

“I believe in empowering the team. I believe in empowering the culture and working together on accomplishing the objective,” he stated.

He also mentioned the importance of diversity within the team, not only in terms of race and gender but also in terms of experiences.

The Importance of Diversity

In the financial tech sector, Omar emphasized the importance of diversity. He mentioned how diversity allows for different perspectives and experiences, ultimately contributing to the success of the company.

“The biggest contribution I believe we capture out of diverse organization is through the different experiences that we have gone through in our life,” he said.

Global Perspectives and Expansion

Omar sees the potential of global expansion in terms of talent recruitment. He mentioned the possibility of hiring talent from outside the U.S., although at present Coviance is focused on the U.S. market.

“Having access to a global set of talent really allows us to move not only our business forward, but the country forward and the global economy forward,” he commented.

Advice for Entrepreneurs

Omar’s advice for young entrepreneurs revolved around three main points: transparency, humility, and hard work. He emphasized the importance of being open and honest in all business dealings, showing appreciation to team members, and working hard to achieve business goals.

“Starting out a business is not easy. It never was, and it won’t be. It requires a tremendous amount of dedication. You’re raising a baby, an infant. And that’s waking up every two hours to feed the baby,” he concluded.