What digitalisation roadmaps now emphasise is delivering straightforward application processes with a much shorter “timeto-yes”. By streamlining workflows at each step of the value chain, digital lending can offer an enhanced customer experience while also lowering OPEX. SMEs should be able to request financing quickly and easily and have the option to share the necessary documentation online. In the back end, data processing needs to happen almost instantly, with little room for error, while decisioning processes take minutes or a few hours instead of days.
Implementing these functionalities requires more than a one-sizefits-all approach and this whitepaper aims to guide institutions through their transformation journey. MEDICI Global and Spotcap reviewed numerous studies to collect insights on how markets have been developing over the past 5 years and in particular how SMEs’ needs have changed due to COVID-19. More importantly, the whitepaper explores the different ways digitalisation can address these needs and what options are available to streamline operations, bolster risk assessment and offer same-day financing.