What was seen as a disruptive new comer in the financial industry is now a serious force to be reckoned with, and traditional banking institutions are even adopting some innovations and digitally-savvy tactics of the alternative finance. If finance experts were asked some five years ago to predict trends of small business funding, few could have foreseen alternative finance permanently altering the financial services landscape, especially in Britain.
Fintech companies have a distinct advantage over traditional institutions , more established peers in that they’ve been founded upon data analysis, using sophisticated systems, software, and algorithms to read customer information quickly with the intention of delivering fast, efficient funding decisions. It has been anticipated that 2016 will witness continuous innovation, streamlining the processes of business funding, and injecting more excitement into the monotony of the financial services world.
According to Fiserv https://www.fiserv.com/international/resources/future-trends-uk-banking-part-two.aspx, the term ‘alternative finance’ will become redundant in the 12 preceding months of 2016, as well as being acknowledged as part of the mainstream. As the case in UK, where Santander have embraced peer-to-peer lending, it comes to mind that, the idea of the banks being the only place for business owners to go to for funding is really obsolete. The UK alternative finance market is expected to be worth £12.3 billion a year by 2020.
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