G A U G I N G T H E M A R K E T
G A U G I N G T H E M A R K E T
can be automated so that stronger candidates experience even faster processing times . And when human intervention becomes necessary , trusty AI-powered virtual assistants are on hand to help with analysis .
Dashboards and toolboxes
WITH THE RIGHT ANALYTICS , LOAN ASSESSMENT CAN BE GREATLY ENHANCED , WHICH IS A BOON IN THE HIGHER-RISK SME SEGMENT .
As mentioned previously , digital lending platforms put banks in a position to become trusted advisors and true partners of SMEs . Personalised dashboards for financial health are indispensable to business founders in today ’ s digital economy . Instead of having to put time aside every day for managing finances , business leaders are able to see , on a single dashboard , everything to do with their business . The bank that offers them this service will be rewarded with greater loyalty and engagement .
A myriad cross-selling and upselling opportunities arise as digital lending elevates the bank from financial service provider to business advisor and trusted partner . Digital lending platforms place business owners in the driver ’ s seat , empowering SMEs to take control of their finances . From the convenience of a single digital interface , they can access a myriad of self-service capabilities . Instead of deep diving into brochures , or being inundated by phone calls and follow ups , time-pressed decision makers can easily self-identify and access the product that ’ s right for their business . And with a few clicks , they can get the application process underway . For SMEs seeking that elusive blend of personalisation and convenience , such platform capabilities will resonate strongly .
Just as important as the services delivered by digital lenders is the way those services are delivered . We live in the time of the Super App , a model tailor-made for the banking sector . GCC digital lenders could consider combining a range of financial services , such as payments , lending , and insurance , to give SMEs an easyto-use toolbox of services that can be personalised to their needs . Many SMEs already rely on digital tools for managing working capital , including online invoicing , inventory management , and supply-chain financing . Why not place these capabilities in a single app in the palm of the customer ’ s hand ? Banks that do so will have simplified financial management in a way that is personal to the SME customer . This is a winning proposition .
From service provider to advisor
We started by pointing out the obvious – that a younger generation of business founders needs banking services that fit the times . But we also saw that a wellimplemented digital lending platform goes further . It serves the bank as well , reducing risk and reconfiguring the brand to “ trusted advisor ”.
Capital is undoubtedly top of mind for any small to medium enterprise . An effective digital lending offering will enable a bank to address one of the most pressing issues that founders face . The confidence that this instils will lay the foundation for a long and fruitful relationship , opening doors to the successful positioning of more products and services , and transforming the bank into the trusted , one-stop-shop for all the financial needs of the SME . � www . intelligentfin . tech
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