Here is the latest in our Summer Intern Chronciles series...
My name is Ian Miller and I am from Laguna Beach, California. I am a rising junior at Marist College where I am studying business finance and data analytics. This summer, I am a commercial banking intern at The Cooperative Bank of Cape Cod.
As a commercial banking intern, one of my main projects has been designing and building a small business loan decisioning prototype. Using historical loan data, I built a test dataset to train the prototype to decision loans based on several adjustable variables. The goal of the prototype is to enable the bank to extend credit to the businesses on Cape Cod conveniently for the customer and the bank. This project has allowed for a practical experience to use the programming skills I have learned as part of my data analytics coursework while also improving my problem solving skills by teaching me to consider every possible factor or variable affecting a particular problem.
As part of the process of streamlining the loan approval process, I also collaborated on adapting the current loan application to support the loan decisioning prototype. Using underwriting standards and competitor research, I determined what information needed to be gathered from prospective customers to drive well-informed decisions by the bank. This process honed my research and presentation skills I have learned throughout the course of my education and will serve me well throughout the rest of my career.
Recently, I have been performing loan reviews per the bank’s commercial lending policy. Under the supervision of the bank’s Credit Department, I have learned how borrower behaviors influence credit score, debt coverage and cash flow and how those factors combine to determine the credit profile of a customer. Completing loan reviews and interning in the commercial banking department has given me great insight on the interworkings of a bank and the importance of reliable credit to the local economy.
Interning at the Coop has allowed me to spend another summer on Cape Cod. I have long considered the Cape the best place in the world to spend a summer and getting another summer of the Cape Cod Baseball League, Rock Harbor Beach and Chatham Fish and Chips has made for an unforgettable summer.
The best part of interning at The Coop has been the accessibility to different team members and departments. On my first day, I was able to personally meet over half of the bank’s employees and immediately felt like I was a part of the team. Every employee of the bank, in particular Mary Lenihan, Peter Rice, Christine Parent and Jamie Quitadamo, has been more than willing to make time for me and answer any questions I had about their position or their work for the bank, which has added immense value to the internship. I am appreciative that the commercial banking department gave me meaningful projects to work on that gave me practical experience to take with me as I continue my career and truly feel that I made a positive impact on the success of the bank.
My advice to students seeking internships is to be persistent. With the increased competition for internships, submitting an application for a position should only be the first step towards trying to land an internship. Reaching out to an employer, particularly by phone, displays initiative and a strong desire to become part of the team. While there is a fine line between persistence and irritation that must be considered, following up with the recruiting director or internship coordinator of an employer after submitting an application or completing an interview goes a long ways towards not simply one in a sea of applications.