On Monday, I talked about how artificial intelligence was impacting the delivering of small business funds.
In all of the solutions, I have witnessed demonstrations of the cousin of artificial intelligence cousin, automation, has also played a role.
While artificial intelligence can help improve the accuracy in delivering small business funds, automation has the ability to improve the speed in delivering small business funds.
The process of delivering small business funds is broken
As a former commercial lender, I can tell you that the process of delivering small business funds through business loans is completely and utterly broken.
Up until recently, anyone wanting a small business loan had to follow the antiquated process of reaching out a commercial loan officer who then spent time, in-person or on the phone, interviewing the borrower. Why, in the 21st century, with all the technology we have available at our hands would the process start there?
That exact question is why so many fintech solutions have entered the small business lending marketplace. The reason fintech solutions, like alternative lenders, have become so popular is that they do automate the process of delivering small business funds.
In today’s world, you can apply for, get approved for and receive your small business loan proceeds in hours through online lenders.
The reason that is possible is that the lenders are using automation. In fact, in many cases, no humans are even touching your application. Rather the entire process is automated through the use of technology.
I have witnessed solutions where the system, i.e. a computer, works through the entire loan process. Even going so far as to handle any communication with the borrower through a chatbot.
More on chatbots another time. For now, if you’d like to experience how an artificially intelligent email service can handle all of your appointment scheduling check out a company I have worked with here.
What processes have you noticed that are becoming more automated? Have you experienced working with any automated lenders for your small business funding needs?