Fintech lender increases loan limit as customer demand accelerates
Summary
The speed at which loans can be approved is possible through the use of the latest technology, including artificial intelligence (AI) to replace manual work and application programming interfaces (APIs) to connect with external data. “The digital application and rapid end processing are resulting in more UK SMEs choosing Esme Loans to grow their business,” said Ellis, adding that the company will continue to invest in technology to improve the service. About 10% of loans were approved without any human involvement from start to finish in the company’s early phase, as it deliberately limited the automation so it could monitor activity. When the survey results were released in April, Greg Carter, CEO of Growth Street, said non-bank funding options have a central role to play in the future of UK business banking. “The fact that nearly half of British SMEs have looked beyond the banks for business finance is a symptom of profound changes affecting the financial services ecosystem,” he said.