INDUSTRY VIEW
Myriad cross-selling and upselling opportunities arise as digital lending elevates the bank from financial service provider to business advisor and trusted partner . Digital lending platforms place business owners in the driver ’ s seat , empowering SMEs to take control of their finances .
From the convenience of a single digital interface , they can access a myriad of self-service capabilities . Instead of deep diving into brochures , or being inundated by phone calls and follow ups , time-pressed decision makers can easily self-identify and access the product that ’ s right for their business .
platform goes further . It serves the bank as well , reducing risk and reconfiguring the brand to trusted advisor .
Capital is undoubtedly top of mind for any small to medium enterprise . An effective digital lending offerings will enable a bank to address one of the most pressing issues that founders face .
The confidence that this instils will lay the foundation for a long and fruitful
And with a few clicks , they can get the application process underway . For SMEs seeking that elusive blend of personalisation and convenience , such platform capabilities will resonate strongly .
Just as important as the services delivered by digital lenders is the way those services are delivered . We live in the time of the super application , a model tailor-made for the banking sector . GCC digital lenders could consider combining a range of financial services , such as payments , lending , and insurance , to give SMEs an easy-to-use toolbox of services that can be personalised to their needs .
Many SMEs already rely on digital tools for managing working capital , including online invoicing , inventory management , and supply-chain financing . Why not place these capabilities in a single application in the palm of the customer ’ s hand ? Banks that do so will have simplified financial management in a way that is personal to the SME customer . This is a winning proposition .
A younger generation of business founders needs banking services that fit the times . But a well-implemented digital lending relationship , opening doors to the successful positioning of more products and services , and transforming the bank into the trusted , one-stop-shop for all the financial needs of the SME . •
Cross-selling and upselling opportunities arise as digital lending elevates the bank to business advisor and trusted partner .
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