Monday, 23 July 2018

Information and commentary for the small business banking industry

Using technology to facilitate lending to SMEs

10 Jan

Now this is something worth considering – making the most of technology to help with small business loan applications. Most small business owners have cottoned on to the fact that technology can give their business a boost, so they’re probably using it to their advantage as much as possible – mobile payments, social media, SEO-boosted websites.

Which means they’d love to hear that their bank has moved with the times as well, and is now offering products and services that make the most of what technology can deliver.

In the UK, Barclays has become the first bank to offer an actual lending app for their small business customers. It tells them how much they can borrow and it can process their loan application in under 60 minutes.

In today’s world, being able to access finance that quickly, and using technology that means they don’t have to give up part of their business day to come into the bank is a welcome time saver for small businesses.

What other ways can technology help boost the customer experience for your small business clients? It’s worth talking to people in the industry to find out, and it’s also worth polling your small business customers to find out what they think.

Read more about this great new innovation below.

Read the full article at:

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