Banks Fighting Fintech: Stepping Up to Transform the SME Lending Process
Harnessing the power of deep learning and enterprise AI to drive agility
Problems banks are facing:
- Over the past few years, fintechs have uprooted existing banking operating models, including the process of lending to small businesses
- They have used agile, platform-based digital technologies to do so
What they need to counter this:
- Banks are desperate to innovate and drive business change with newer technologies
- They are increasingly looking to adopt automation and artificial intelligence to optimize their business processes and improve customer experience
Two-pronged approach that banks can adopt:
- Banks could automate the client onboarding process
- How? By creating a credit rating platform based on deep learning to analyze customer data and automate the decision-making process
- Banks could create a bank data marketplace
- How? By creating an internal marketplace of their own and offering existing SME clients a new set of customers to sell products and services to