Lending revolution: fintechs vs banks
Are emerging fintechs levelling the playing field with high street banks in the SME lending market? Alternative lenders understand the hunger for a seamless customer experience and have built credit journeys that align to business expectations. Eight out of ten SME loan applications were approved by banks in the third quarter of 2018, according to the latest figures from trade association UK Finance. While this is a far cry from the days of the global financial crisis, when SME lending all but dried up in part due to regulatory pressures to shore up capital, smaller companies are still citing challenges in according to Stuart Chalmers, commercial banking lead for Accenture UK.