From a risk and need perspective Invoice Finance (IF) is the perfect product – for businesses and for lenders.
But there’s no denying that the traditional model is in dire need of modernization. In a recent webinar we discuss the challenges the IF industry faces, our aspirations and a 3-step process to get there.
Below are the six key-take-aways from the discussion, and the full recording. Make sure to stick around for the Q&A section at the end, there’s some really good insights from lenders who have gotten this right.
Innovation in Invoice Finance – Six key take-aways
- Under pressure: Invoice Finance remains a fundamentally strong product for UK businesses however, it faces pressures from new fintech competitors offering easier, faster financing options.
- Barriers to use: Key challenges include time-consuming manual processes, high team-specialization required hampering scalability, and slow time to cash.
- Technology-led vision: We see a world where IF is a seamless product with automated data extraction, faster reconciliation, real-time ledger management, and superior risk analytics.
- Early innovators focus on smooth processes: From streamlining data acquisition, to improved reconciliation, the leaders are focusing on reducing manual effort to increase capacity and customer experience.
- Agile over Big bang: Successful adoption requires support through change management. A phased, agile approach is recommended over “big bang” transformations.
- Process before AI: AI is still nascent but shows sizable promise. However, many manual areas need to be addressed before success is possible. “
The feedback following the webinar was great – but if there are any questions we didn’t answer please reach out to James or Michael.
To find out more about how you can get access to a businesses accounts receivables data – direct from their accounting system – in minutes, visit our specialist lending product page.
