How to Power Rapid Approvals and Improve your SME Lending Strategy
SMEs contribute a significant amount to the economy in MENA, averaging between 10-40% of all employment in the region and comprising 80-90% of total businesses in most countries. They represent $7 billion USD in potential profit for banks, with over $100 billion USD in financing needs – but they still struggle to access the credit they require (EY – Redefining SME Banking Report). Waiting weeks or even months for credit approval and funding can mean the difference between innovation and business closure.
Traditional financial services organizations may find lending to SMEs difficult, but fintechs, challenger banks, and digital banks are rising to the challenge. Simplified application processes, rapid approvals, and improved accessibility to funds makes working with digital lenders an obviously attractive choice.
Because if you aren’t making it easy for SMEs to get the credit they need, your competitors will.
Watch now for this insightful panel discussion, where we’ll be talking with industry experts on ways to leverage data and artificial intelligence to ensure accessibility to credit for SMEs.
Discover how to:
- Power faster, simplified application processes
- Make smarter, faster decisions and get to market faster
- Future-proof your decision technology to keep up as market trends/demands evolve
- Use advanced, predictive analytics like AI to keep risk in check
- Leverage real-time, historical and alternative data to ensure a more holistic view of creditworthiness