'The Power of Using Data to Overcome Post-Pandemic Woes ' covid19 technology
As economies around the world continue to feel the pinch from Covid-19, small to medium sized businesses need more support from financial institutions. To ensure this happens, the financial sector needs to leverage more data into important decision-making processes, especially when it comes to lending.Dave has a deep understanding of the challenges faced by SMBs, leading him to support SMB credit lenders through Ranqx.
Unfortunately, these new concerns are only compounding an existing issue, which I’ve seen disproportionately affect smaller businesses for some time. Simply put, Covid-19 has made it even harder for SMBs to receive working capital when they really need it. The ramifications of this issue are serious, especially as countries around the world strive for progression and economic recovery.
Thankfully, there’s now widespread consensus regarding what these tools would look like, and how they would help to make a difference. Moving forward, SMBs need to be supported by modern solutions, which can leverage alternative data sources when making decisions. Personally, I think this potential was best explained by consultancy leader, Deloitte, who declared such products as ‘key solutions to current lending gaps” [4].
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