Once a niche payment scheme, BNPL use has surged during the pandemic, with industry analysts predicting even more growth, which means we’re keeping a close eye on trends in the embedded finance space. And with a finance gap said to be in the USD 5tn mark, SME lending is another industry we’re watching.
In line with our mission to make sure our customers are always at the forefront of industry trends, our latest product release introduces new features that support both BNPL and SME lending.
We invite you to read about our newest features, watch our latest webinar on the future of mortgages, and have a think about the future of AI in banking.
Our latest release: FintechOS 22.w introduces new features for BNPL, pet insurance, SME lending
FintechOS is on a continued mission to empower our customers to innovate at speed and bring products and services to market quickly, with the least amount of disruption to business operations. Built on the latest version of our High Productivity Fintech Infrastructure (HPFI), FintechOS 22.w promises faster and more seamless solutions, making the FintechOS experience better than ever before.
SMEs are an important part of the global economy. However, they are usually overlooked and are not getting the support or funding they need to thrive.
But while the SME lending gap may sound like a crisis, we believe that it is in fact an opportunity for both challengers and incumbents to introduce innovative new methods of getting smaller businesses the money they need to grow.
With the global pandemic making social interaction a risky proposition, more and more people have begun spending the bulk of their time in their homes. As a consequence, house prices and property-buying have begun to rise. Mortgage lenders have had to innovate rapidly both in servicing these record levels of origination activities and in adapting to changing customer expectations.
Buy now, pay later financing (BNPL) is a hot topic for financial services institutions. Lockdown has driven a huge surge in online sales and BNPL is taking up market share as a digital alternative to traditional credit. Is it time for a showdown over which option will dominate retail lending?
Data can help power fairer lending decisions – as long as it’s used in the right way. The banking sector has been working hard to remove bias and build a fairer industry. Yet lending is “riddled with biases against protected characteristics, such as race, gender, and sexual orientation”, the Harvard Business Review warned in 2020. This should no longer be the case for many good reasons, starting with the very simple fact that lenders are no longer allowed to discriminate.