This webinar focuses on how business lending is changing due to digital transformation and accelerated by Covid-19.
Many years of digital transformation has taken place in the space of just a few months as banks looked at paper-intensive processes such as loan applications and made them digital from end to end. This not only improves the client experience, but slashes many costs associated with lending.
Small businesses are likely to play a key role in the post-Covid economy of 2021 and beyond. The size of this market is so large that there is plenty of opportunity for all size banks. Lending to small businesses has always been seen as expensive due to the array of manual processes required in onboarding, relationship management and so on. Digital transformation streamlines, expedites and reduces the cost of these processes, making this form of lending far more viable for financial institutions, particularly smaller players.
Digital processes alongside open banking platforms and AI-driven tools will therefore enable banks to help small businesses navigate the lockdowns and other Covid-related restrictions, as well as the economic recovery thereafter. This proved invaluable throughout 2020 in enabling institutions to funnel government grants, loans and other funding to companies quickly and efficiently, preventing delays that could have proved fatal. This will remain vital into 2021 as the lockdowns and other restrictions on business activity show little sign of abating.
The webinar covers:
- The acceleration of digital transformation in financial services in 2020
- The role of digital services, alongside open banking and advanced AI-powered analytics in continuing this journey throughout 2021
- How banks can harness these to deliver value to customers and drive new revenue streams
- Gary Wright - Head of Research, Finextra [Moderator]
- Tomer Guriel - Founder & CEO, ezbob
- Lucy Hasson - Co-Founder & COO, Esme Loans
- Paola Papanicolaou - Executive Director & Group Head of Innovation, Intesa Sanpaolo
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