SME Lending Survey
In our latest industry survey, Provenir explored the challenges financial services organizations face when offering loans to small and medium sized enterprises (SMEs). 179 industry leaders from around the world shared key insights into the problems that limit their ability to lend to SMEs. Respondents were asked to answer questions covering two main areas: 1. Approval speed 2. Challenges While responses varied, the results overwhelming showed that real-time approvals for SME loans, whether for existing or new clients, are the exception and not the norm. This inability to approve loans quickly can be attributed to a number of factors, but respondents highlighted data integration as their biggest issue. Without solving data integration problems, and the other issues identified in this survey, SME lenders will find it almost impossible to reduce approval times without increasing risk. Lenders need the ability to support SMEs with customized products and access to funds exactly when they need them. If lenders fail to provide competitive services, they risk losing both existing and new clients to innovative competitors. Empowering risk teams to easily access and use data is essential for business growth and success.
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