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they had to rely on booking an appoint- ment with their bank’s business devel- opment manager. The pandemic, and the resulting inabil- ity to conduct traditionally paper-driv- en, face-to-face loans, has forced commercial lenders to embrace the digital transformation. They all now recognize the long-term implication of the shift and understand that it is an imperative. Commercial finance providers know just how much it is going to transform traditional lending models. For clients, it is going to mean easier, more self-service loan applications and faster, optimised approvals. For lenders, it will mean slimmed down back offices (focused on intervention that adds value rather than process),
the ability to scale-up rapidly, and profit-maximising lending. They will be focusing on data as never before and be encouraged into ‘housekeep- ing’ their legacy data, benchmarking it against that of third party provid- ers. This will provide them with more effective databases that can optimise their lending. Because of this, I can see rapid advancement for commercial lenders and their FinTech partners in the years ahead. The rebounding of the economy is going to lead to a lot of SMEs looking for easy-to-access finance as they plan to meet growing demand. They are likely to prefer those channels that offer the quickest and best-value route. Something that just won’t be possible with more manual- ly-driven processing.
David Wylie asks why some buy-to- let lenders are wedded to outdated back-office systems.
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