Traditional lenders have steered clear of the SME market in recent years – but that’s changing. What was once considered an unprofitable sector, incumbents and new market participants have started to look to SME funding as the next big growth area. But the market has high expectations.
Our latest study – conducted in partnership with Populus – considers the thoughts and experiences of SME Directors when acquiring finance for their business. The study explores the importance of certain features and highlights possible improvements that could be made to the lending process to ensure a maximised experience for the borrower.
In particular, we examined:
The current state of the borrowing experience for SME Directors when applying for business finance
The levels of satisfaction felt with various aspects of the overall borrowing experience
Which features generate the best experience, from the first point of applying through to receiving funds
Which features could improve the overall customer experience in the future