SME lenders, and to an extent lenders in general, struggle to incorporate elements of predictability to enhance the customer experience. Predictability: Bettering the customer’s future with smart data Furthermore, OnDeck reports payments to bureaus so that on-time payments can help build business credit, a fantastic example of going above and beyond the core product. The human part comes in the form of a dedicated loan expert to discuss a loan tailored to the business. In addition OnDeck aims to give same-day decisions, with disbursement in one to two days. Part human.” The tech part comes from the proprietary software used to aggregate data about a business’ operations, which is then processed by algorithms to determine loan eligibility. While from the initial onset, OnDeck looks very different to an iwoca, as they are “Part high tech. While it’s easy to be dismissive of new players which are not 100% digital or automated, the human element is incredibly vital for achieving elements of personalisation.Īnother example of a leader taking this hybrid approach to lending is OnDeck. This involves a digital / human hybrid model which is key to personalisation in the SME lending space. Personalisation: Winning with the hybrid modelĪs we mentioned previously, UK unicorn OakNorth takes a highly personalised approach to lending, offering 100% personalised solutions and incorporating human credit committees. The Fundbox dashboard shows them the information that matters to them, and every choice is directly linked to invoice and thus credit management. It is directly tied to outstanding invoices, making it the right amount of potential credit at the right time.
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