Smarter Loans’ 2022 Fintech Lending Study gathered responses from 2462 Canadian business borrowers. What did they find?
OVERALL RATING OF INDUSTRY
The overall rating for the Canadian Lending Industry has gone up to 68% from 66% in 2020. Loan industry ratings are up – yet 81% of business loan applicants say there’s room for improvement. How can the lending industry increase customer satisfaction?
The COVID-19 pandemic seems to have made all of us rely more on technology than before. With 70% of respondents managing more of their finances online than in the previous year, customers are expecting digital and convenient financial services. How can business lenders offer these services? With access to borrowers’ real-time financial data.
LEAPING FORWARD WITH ACCESS TO REAL-TIME FINANCIAL DATA
Accessing businesses’ real-time financial data is key to serving business customers. Today it’s gathered manually making it costly and time-consuming. In the past, businesses tolerated this. To be competitive, fintech, private lenders, and financial institutions must offer immediate service to business customers, tailored to meet their goals. With Boss Insights, business lenders can do just that.
PROVIDING LENDERS WITH AWARD-WINNING DATA AND PLATFORM
You are experts on your offerings. The struggle is with access to data and efficiency in a world where speed is paramount. Boss Insights provides access to financial data: financial statements and cash flow from accounting, sales information from commerce, payroll, tax, and more (eg. Quickbooks, Xero, Stripe, Shopify, etc.) and an easy-to-use platform connecting lenders with businesses. Lenders are positioned to have the latest in technology delighting business customers
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Image: CMW Group/Smarter Loans Inc
Read the full study here