Fintech innovations by alternative lenders have been providing borrowers with swifter, easier, more convenient financing options than they ever had in the past, according to Inside Small Business. According to Ernst and Young research, 37 percent of Australians use fintech, which provides them with the ability to apply for financing faster and from their own workplaces, with decisions often coming in a few hours. By contrast, Australian small businesses have lower confidence and interest in traditional financial institutions, with their complex application processes.
- Banks around the world are changing the way that they do business and how they evaluate potential people who want loans.
- Some banks are far more lenient with their money than other banks are when it comes to lending.
- Technology has completely changed the way that banks, and financial institutions, do their business.
“Alternative lenders are leading fintech disruption of banking for SMEs, who now have faster, easier access to finance than ever before – and they don’t need to put their house on the line.”