SME lending using traditional methods has pain points.
SME lending is complex and requires collecting and analysing data from multiple sources for credit underwriting, monitoring covenants and annual reviews. Most of the activities require using multiple systems, can be quite manual and it all takes time and effort!
This introduces a number of pain points for the lender and customer:
Security
Multiple copies of data are created which are prone to leaks/unauthorised access
Integrity
Data provided is a copy that may be incomplete, incorrect or modified. Manual copy/paste introduces a high risk of errors
Time
Slow process involving downloads, uploads, emails etc and high volume of repeat requests due to incorrect or incomplete data
Manual Analysis
Limited analytical ability of the loan processing system requiring the bankers analyse the data manually for insights and decisioning
Information
Management
Poor document management, versioning and information auditability. Sharing of information with other bankers is clunky
Risk
Management
Monitoring covenants and performing annual reviews can be tedious leading to lack of diligence
Unstructured
Data
Financial data from disparate sources is generally unstructured and not naturally consumable in most lending system
SME Lending with incrible
incrible is a specialised, secure and purpose-built financial and credit intelligence platform
How it works
Provides a UI and connectivity to directly pull data from the source reducing burden on customers, advisors
and lenders
Aggregates and analyses unstructured data using AI/ML to provide insights while allowing for
human input
Seamlessly integrates with the lenders existing lending systems meaning you never have to do the same task twice