How can you make business lending faster and more manageable?
The business lending market continues to go through change. Lenders want to lend, and businesses want to borrow. However, meeting this opportunity effectively remains a longstanding challenge.
Automation and digitisation are key components in making efficient and accurate decisions with SMEs now able to skip much of the paperwork required to apply for a loan, and instead share bank transaction and management account information. Combined with accounting data, lending decisions can take minutes rather than weeks. Alternative and open data sources are helping to support the digitisation of lending journeys. Open Banking and access to contributed management accounts can provide a holistic view of a small business’s financial performance.
This financial information provides a highly detailed view but also in an ongoing way. Lenders can not only digitalise journeys, but also create insights and nudges which can help identify when a small business might need some help. This leads to better outcomes for both the small business through speed and convenience, but also the lender by reducing cost to service and enabling access to a wider market.
In this webinar, with Credit Strategy, we discussed how commercial lending can now make the most of agile technology, new data sources and Machine Learning to bring speed, accuracy and the customer journey that both lenders and small businesses want.
Watch the recording below.