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financial data

4 Key Areas SMB Lenders Can Improve with Better Financial Data

For too long, lenders have based small-business lending decisions on outdated data points such as FICO scores or tax returns. Unfortunately, this data is often skewed and inconsistent with the health and viability of the business. One of the most valuable assets for SMB lenders, however, is accurate, complete and current financial data. Without it, loan decisioning is …

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about financial data

Financial Data – The Wave of the Future

Technological advances are changing the way lenders service the SMB market. With financial data sharing, lenders are now empowered to make better decisions and provide a better experience for business borrowers. It is truly a win-win. Leading the charge are the financial institutions currently leveraging Validis’ DataShare technology, a financial data extraction tool that acts as …

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data quality

The Pain Points of “Going Digital” with Data

The benefits of digitization are significant for both lenders and the SMEs they serve. However, for many institutions, “going digital” requires a shift from ingrained legacy processes which can present some challenges. We’ve split these challenges into two categories: technical and adaptive. Technical Challenges Data Access First, lenders must know how to access the data. Automation …

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data overload

Dealing with Data Overload

Regardless of whether you are a product- or relationship-oriented SME lender (read our earlier post), data is essential for growth. True, the notion that “Data is King” is old news – every financial institution recognizes the importance of data and the power it has to transform their business. The challenge is that with so much …

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Product oriented lending

Product vs. Relationship SME Lending

As SME lending strengthens and evolves, two categories of lenders have emerged: product oriented and relationship oriented. Product-oriented Lenders Product-oriented lenders offer SMEs a more transactional service. They are on-boarded efficiently and there can be very little personal contact between the SME and lender. The focus is on clarity of offer, value for money, efficiency, ease …

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SME lending factors

Four Factors Driving SME Lending

The commercial lending industry has undergone considerable change. With low interest rates coupled with a more stable financial environment, we’ve seen tremendous growth with new opportunities for both lenders and the businesses they support, particularly small to medium size businesses (SMEs). Overlooked in the last few years due to stagnant growth, SMEs are now considered an …

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