5 reasons to change the approach to business loan
Banks could be much more efficient, save a lot of money and offer better service
What happens when an entrepreneur goes to the branch to apply for a loan for his company ?
High costs, lack of transparency – One of the most critical issues that entrepreneurs perceive is the experience in the branch, often judged to be time-consuming and tiring as regards the collection of information (paper documents, not standardized requests).
A traditional management of the practices also opens up a problem of transparency, both on the status of the request (“it is to the attention of the deliberator”, “is at the central office”, etc.), and on any grounds for refusal.
Aiming at digital means (everyone) – More efficient management of the relationship with entrepreneurs can benefit banks and companies involved in this process.
Adopting a new model for customer acquisition and loan access assessment is now an increasingly consolidated reality in the Anglo-Saxon countries (see the example of Biz2loan for example). In recent years, especially in the private mortgage sector , this trend is also taking hold in Italy. And the time has come to make “the big step” for companies too.
To convince everyone, we list the 5 good reasons why a bank should adopt a new model in business loan :
- Downed costs : loanworthiness can also be verified in less than 24 hours, thanks to dedicated teams, automated procedures and complex calculation algorithms. In this way the answers are much quicker.
- Standardized and secure information : the investigation is based on a set of documents and information prepared and on certain data. In this way the analysis becomes accurate and transparent
- Higher quality : based on reliable data, the bank is able to precisely target companies with interest, improving the quality of its customer portfolio
- Greater transparency : with this type of process, the customer will always be aware of the processing status and motivations related to the outcome of the investigation
- Customer satisfaction : Simplicity, speed, clarity and digital services. In this way it is much easier to retain a customer