Digital coming of age for private healthcare
Despite the uncertainty of Brexit early in 2016, the UK saw a sustained net expansion in SME borrowing, with around £6 billion of new lending approved each quarter.
As a key area for transformation, the banking community is striving to improve its services in this area, and Draw worked with one global banking client to help them capitalise on the opportunity.
As the relationship between a business and its banking contact has become further removed, and more of the relationship is transacted online, it is inevitable that the process of applying for borrowing has also moved online. For the companies applying for cashflow lending, as opposed to secured, asset-based lending, this can lead to unnecessary obstacles.
Cashflow funding is frequently required by smaller companies - especially for those with limited resources, those that deliver services (rather than products), and those in distress or emergency situations where access to funds is time-critical. In all these cases, the process of dedicating time and attention to an online process can be challenging.
We were introduced to a global bank that wanted to offer its customers the opportunity to apply for immediate unsecured loans, and also to make the process of application as simple as possible.