In the current lending landscape, many small business applications get rejected before even entering the credit decision process due to resource constraints and efficiency metrics.
Today, only 8.5% of small businesses can access working capital from traditional banks, highlighting the crucial growth opportunity for technology-enabled lenders.
Automated scoring systems utilize self-reported data to filter applicants, leading to hard cuts which can prevent many potential borrowers from reaching the credit decision stage.
Lenders aim to improve profit margins by optimizing costs associated with loan applications, raising concerns about the fairness and transparency of the lending process.
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