How to lend with confidence beyond 2020
Business lending has transformed on both sides of the Atlantic. For lenders - managing their new, vast portfolios efficiently as well as minimising defaults and fraud will be a significant challenge during these turbulent times.
Based on our depth of knowledge and partnerships in the industry, this report explores seven key areas which lenders must address when planning for the new lending landscape beyond 2020:
Accelerating digital transformation
Improving operational efficiency
Better understanding credit risk
Increasing portfolio size
Improving ongoing visibility of portfolio
Increasing customer engagement
What are the key areas lenders should focus on past 2020?
In the next few years, we believe there will be a dramatic acceleration in the industry-wide shift from siloed data within small businesses to a connected ecosystem of unified financial data sources. Our report explores seven key areas which lenders must address in order to operate with confidence moving forward and capitalise on this sector-wide transformation:
- Digital transformation
- Operational Efficiency
- Credit Risk
- Portfolio Visibility
- Reducing Fraud
- Customer Engagement
- Portfolio Size
How can Codat help accelerate digital transformation?
Digital transformation is the integration of digital technology into all areas of business. Codat can help accelerate this by providing access to accurate, up-to-date and standardised data saving your customers considerable time and frustration, as well as ensuring a seamless application. We’ll give your customers control and confidence, improve their overall experience and reduce human errors.
How can Codat improve your customer engagement?
Codat can enable a more proactive relationship with your customers whereby you are able to offer suitable services and valuable tools, such as cashflow forecasting tools, based on an in-depth understanding of their needs.
Why does operational efficiency matter and how does Codat help?
Lack of efficiency holds back innovation and slows down time and money, as well as being a financial drain on the lender. Codat can help by streamlining the process of collecting borrower information by automating the pulling of data at set frequencies.
How can Codat increase your portfolio size?
Codat can increase your portfolio size by providing ongoing access to customer data allowing you to benefit from peace of mind, especially for loans that have traditionally been considered sub-prime.
How does Codat improve ongoing visibility of your portfolio?
Codat can help to improve your ongoing visibility of a portfolio by offering valuable insights into the risk exposures of your entire loan book and by providing access to up-to-date contributed date from multiple sources.
How does Codat help reduce credit risk?
Better understanding of credit risk is more important than ever. Codat can help by providing access to our easy to consume portal that uses real-time data to expose the key credit risk trends and performance indicators of a business.
How does Codat help reduce fraud for clients?
Codat can help reduce fraud by directly connecting to the financial systems used by small businesses, ensuring you receive data in its purest form and free of alterations or embellishments.