Seize the moment: how data and tech can bring an SME lending surge for banks
Europe’s banks have a golden opportunity to boost lending to small and medium-sized enterprises (SMEs). In the midst of the pandemic, they are the conduits for billions in state funding to support this crucial segment of the economy.
However cumbersome legacy IT systems and outdated risk profiling stand in the way. Agile new competitors are already taking customers away from established banks, even though many companies have existing banking relationships.
But banks can stop this business from flowing away; by taking a data-centric approach they can streamline risk assessment and loan approvals, create products personalized to their customers’ needs, meet new regulatory requirements, and ultimately power this potentially high-growth market to the recovery that all economies need post-pandemic.
SME Banking Club is an international networking platform of business bankers aimed to provide relevant information on what banks and financial companies are offering for entrepreneurs, micro-, small and medium enterprises (SMEs).
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