Partner Article

Bridging the SME funding gap using cloud technology

Financial technology could bridge the funding gap for small and medium enterprises (SMEs), which often struggle to secure credit they need, at least according to the World Economic Forum’s Global Agenda Council. In its latest white paper it states that fintech ‘has the potential to become a game changer in the funding of small businesses.’

Paul Thomas, Managing Director at risk decisioning solutions provider Provenir believes cloud-based services hold the key to closing this gap. Paul says, “There are compelling reasons for cloud-based lending solutions. They include reduced capital investment in hardware and infrastructure and more time for staff to focus on customers rather than IT. Unlike established finance institutions, new market entrants, such as peer to peer lenders and e-commerce solutions providers are unencumbered by legacy infrastructure and are offering viable alternatives to SMEs looking for finance.”

Paul also identifies scalability, innovation an analytics as three further advantages the cloud brings to lending.

This was posted in Bdaily's Members' News section by Provenir .