cashvisionusa

6
3 Steps to Gain a Competitive advantage for Your Small Business Lending Business in 2021 Prepared By: James Mary Date: 28/06/2021

TAGS:

description

Small business lenders often struggle to establish and maintain a competitive advantage in today’s lending environment. New lending counterparts are entering the market every day and customers' expectations are continuously rising, available all the time, and are suffocating. In 2021, small business lenders need to streamline underwriting processes, meet customers’ expectations, offer customized solutions, and improve customer experience to gain a competitive advantage. In today’s marketplace, utilizing the latest tools, techniques, and technologies will help you stay ahead of the competition in your small business lending business. Follow these steps to a competitive advantage for Your Small Business Lending Business this year. Digitize Your Lending Processes Digitizing your financial institution and its products and services is the first step to digitizing your lending business and empowering your customers and employees. Digitization allows you to enhance the quality of services provided by your customers. With the help of digitization in lending, you can deliver your customer's demand with access to branch service at any time, from anywhere. Digitization enables lenders to make banking transactions and loan services easier and less time-consuming for customers. A small business that requires funding can immediately apply for a loan in just a few minutes from the comfort of their home and get approved for it in as little as 24-48 hours. Moreover, digitization helps you provide customized products and services to your customers as per their needs, tastes, and preferences. It also helps you build a better relationship with your current and existing clients, provide top-notch customer service, get valuable customer feedback, provide easy and fast funding and ultimately gain a competitive advantage. Embrace APIs API is one of the most sought-after technologies that small business lenders must embrace in 2021 to gain a competitive edge. Today, many traditional banks, credit unions, and other non-banking financial institutions are leveraging the benefits of APIs to take their business ahead. An API is an innovative and intuitive technology that allows lenders to access, analyze and use the most accurate, real-time, relevant, and precise data of their customers and borrowers. It enables you to integrate data from multiple systems such as accounting, banking, eCommerce, social media, website, and more, allowing for quicker transactions and facilitating data access and analysis. Today, some FinTechs like ForwardAI, Codat, and Validis are creating innovative financial data APIs for lenders to build smart solutions that save time, money and enhance the customer experience. API enables lenders to transform the raw data into meaningful, easy-to-understand, and actionable insights that they can use to understand their customer needs, choose the right applicant, streamline the underwriting process, reduce credit bias, make loans fair, and determine creditworthiness. Ultimately, it helps lenders to satisfy their customers’ needs, become a trusted financial expert and gain a competitive edge over their competitors. Improve Your Marketing Strategies Improving your marketing strategy is an excellent way to know what your potential customers want from you. It is an effective way to engage customers, build your reputation, build a relationship with your customers, boost sales, more close loans and gain a competitive advantage. Improving email strategy to promoting social media posts, asking for reviews, and building a strong online presence are some of the many great ways to improve your small business lending marketing. Build a captivating website, create a social media strategy, simplify financial concepts with videos, invest in SEO and paid ads, and share content that educates, inform and entertains your customers. You can also use data and technology to recognize what lead-generating content provides the right message and attracts the most amount of paying needs for a specific demographic, region, and area of the customers.

Transcript of cashvisionusa

  • 3 Steps to Gain a Competitive advantage for Your Small Business Lending

    Business in 2021

    Prepared By: James Mary

    Date: 28/06/2021

  • 1

    Table of Content Introduction……………………………………..……………….…………………………. 2

    Digitize Your Lending Processes………....……..……..…..…..……..………….. 2

    Embrace API………………………....….……………....………………...……………… 3

    Improve Your Marketing Strategies………….……………………..…………….. 4

    Sources ………………………....……………………………………….…...…………….. 5

  • 2

    Introduction:

    Small business lenders often struggle to establish and maintain a competitive advantage in today’s lending environment. New lending counterparts are entering the market every day and customers' expectations are continuously rising, available all the time, and are suffocating.

    In 2021, small business lenders need to streamline underwriting processes, meet customers’ expectations, offer customized solutions, and improve customer experience to gain a competitive advantage. In today’s marketplace, utilizing the latest tools, techniques, and technologies will help you stay ahead of the competition in your small business lending business.

    Follow these steps to a competitive advantage for Your Small Business Lending Business this year.

    Digitize Your Lending Processes:

    Digitizing your financial institution and its products and services is the first step to digitizing your lending business and empowering your customers and employees. Digitization allows you to enhance the quality of services provided by your customers. With the help of digitization in lending, you can deliver your customer's demand with access to branch service at any time, from anywhere.

    Digitization enables lenders to make banking transactions and loan services easier and less time-consuming for customers. A small business that

  • 3

    requires funding can immediately apply for a loan in just a few minutes from the comfort of their home and get approved for it in as little as 24-48 hours. Moreover, digitization helps you provide customized products and services to your customers as per their needs, tastes, and preferences. It also helps you build a better relationship with your current and existing clients, provide top-notch customer service, get valuable customer feedback, provide easy and fast funding and ultimately gain a competitive advantage.

    Embrace APIs:

    API is one of the most sought-after technologies that small business lenders must embrace in 2021 to gain a competitive edge. Today, many traditional banks, credit unions, and other non-banking financial institutions are leveraging the benefits of APIs to take their business ahead.

    An API is an innovative and intuitive technology that allows lenders to access, analyze and use the most accurate, real-time, relevant, and precise data of their customers and borrowers. It enables you to integrate data from multiple systems such as accounting, banking, eCommerce, social media, website, and more, allowing for quicker transactions and facilitating data access and analysis.

    How Can Accounting and Financial APIs Help Lenders Offer Right Loan Products for SMBs

  • 4

    Today, some FinTechs like ForwardAI, Codat, and Validis are creating innovative financial data APIs for lenders to build smart solutions that save time, money and enhance the customer experience. API enables lenders to transform the raw data into meaningful, easy-to-understand, and actionable insights that they can use to understand their customer needs, choose the right applicant, streamline the underwriting process, reduce credit bias, make loans fair, and determine creditworthiness. Ultimately, it helps lenders to satisfy their customers’ needs, become a trusted financial expert and gain a competitive edge over their competitors.

    Improve Your Marketing Strategies:

    Improving your marketing strategy is an excellent way to know what your potential customers want from you. It is an effective way to engage customers, build your reputation, build a relationship with your customers, boost sales, more close loans and gain a competitive advantage.

    Improving email strategy to promoting social media posts, asking for reviews, and building a strong online presence are some of the many great ways to improve your small business lending marketing. Build a captivating website, create a social media strategy, simplify financial concepts with videos, invest in SEO and paid ads, and share content that educates, inform and entertains your customers. You can also use data and technology to recognize what lead-generating content provides the right message and attracts the most amount of paying needs for a specific demographic, region, and area of the customers.

  • 5

    Sources:

    ● 3 Steps to Sharpen Your Competitive Edge in Banking | Mobile Eart ● Banking Technology as Competitive Advantage | Treasury & Risk

    References:

    ● https://corporatefinanceinstitute.com/resources/knowledge/strategy/competitive-advantage/https://corporatefinanceinstitute.com/resources/knowledge/strategy/competitive-advantage/

    ● https://www.computer.org/publications/tech-news/trends/6-ways-big-data-in-fintech-is-creating-a-better-customer-experience/

    ● https://www.forbes.com/sites/forbesfinancecouncil/2018/10/02/how-digitization-can-transform-small-business-lending/?sh=530073a03b43

    ● https://www.mbopartners.com/blog/how-manage-small-business/6-tips-for-building-and-maintaining-client-relationships/

    ● https://cashvisionusa.blogspot.com/2021/04/everything-you-need-to-know-about.html

    Related Search Term:

    #small business loans

    #business loan

    #startup business loans

    #online business loan

    #business loans for women