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Fintechs can provide better design capabilities, improved customer experience, research states. Financial institutions are making fintech partnerships a key priority in 2020, according to a new study from Cornerstone Advisors. These numbers represent an increase from 49% and 60%, respectively, in 2019. Register here.
The alternative lending market is showing signs of defeat against traditional bank loans, and SMEs are strengthening their demands for more than the typical solutions currently offered by traditional FIs. Explore how B2B FinTech is on the cusp of change as we break down all of the statistics and surveys below. 65% of U.K.
Scammers may have had more success at duping fintechs than banks in obtaining Paycheck Protection Program loans. But there are reasons for this apparent disparity.
The challenger bank OakNorth has been peddling its lending platform to U.S. banks for a year. When it saw COVID-19 on the horizon, it retooled to include a ratings system predicting how borrowers will be affected by the pandemic.
After tech firms assisted community bankers in processing applications in the Paycheck Protection Program, small-business lenders are continuing to engage with cloud providers and other outside companies to automate the loan forgiveness process.
“In western markets like the US and UK, FinTech innovation is focused on singular applications. Lending Club provides P2P lending, TransferWise provides international payments and remittances, but no one is aiming for the extraordinary economies of scope delivered via a singular platform that is now the norm for BATs.”
As alternative lending is booming, so is the demand for innovative services that support the industry. Ohad Samet is a FinTech industry veteran and the co-founder and CEO of TrueAccord , the first-of-its-kind algorithmic recovery platform.
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