By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics in sports industry
    Here’s How Data Analytics In Sports Is Changing The Game
    6 Min Read
    data analytics on nursing career
    Advances in Data Analytics Are Rapidly Transforming Nursing
    8 Min Read
    data analytics reveals the benefits of MBA
    Data Analytics Technology Proves Benefits of an MBA
    9 Min Read
    data-driven image seo
    Data Analytics Helps Marketers Substantially Boost Image SEO
    8 Min Read
    construction analytics
    5 Benefits of Analytics to Manage Commercial Construction
    5 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Massive Data-Driven Trends Impacting Small Business Lending
Share
Notification Show More
Latest News
data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
anti-spoofing tips
Anti-Spoofing is Crucial for Data-Driven Businesses
Security
ai in software development
3 AI-Based Strategies to Develop Software in Uncertain Times
Software
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Exclusive > Massive Data-Driven Trends Impacting Small Business Lending
Big Data

Massive Data-Driven Trends Impacting Small Business Lending

These are the four major ways that big data technology has played a huge role in the evolution of small business lending.

Diana Hope
Last updated: 2021/11/16 at 6:04 PM
Diana Hope
6 Min Read
big data trends in small business lending
Shutterstock Photo License - By Itzchaz
SHARE

Big data technology has been one of the biggest forces driving change in the financial sector over the past few years. Financial institutions servicing small businesses have been among those most affected by developments in big data.

There are a number of data-driven trends shaping the future of small business financial management. This can be most easily observed in the context of small business lending. Many institutions that lend capital to small businesses are relying more heavily on data analytics, AI and other data-driven technology than ever before.

Big Data is the Future of Small Business Lending

We are in the age of data. Every month something amazing, and life changing, comes available on the market. This not only changes the way consumers approach companies, but it has a significant impact on how businesses run. For businesses to run many of them will have to rely on banks, and other lending agencies, to give them loans. Big data has changed the way that many of these lenders handle the actuarial and loan processing.

As companies need bigger loans to cover the costs of technologically improved equipment, banks will have to find ways to include tech advancements when accessing a business for a loan. There are four main data-driven trends that will impact small business lending the most, with many others on the way.

More Read

benefits of AI for fintech security

Former SEC Boss Allison Lee Highlights AI’s Future in Fintech

AI Can Amplify Benefits and Temper Risks of Bitcoin Investing
How Artificial Intelligence Can Improve Your Fundraising Efforts
What to Look for in a Data-Savvy Fintech Marketing Agency
AI Data, Traditional Trading, and Modern Investments
  1. IOT (Internet of Things)-For those of you that already have their heads wrapped around technology, and the lingo that goes along with it, you already know what IOT means. In simple words it is the internet as we know it today. The IOT is one of the biggest breakthroughs in big data technology. Anything that you can ever want, or need, can be found on the internet in numerous areas. If you cannot find the exact article or blog that you are looking for, you will be able to find something close.
  2. Ecommerce-Along with the increase of laptops and mobile devices it has been found that the demand for online products and services has grown. As more people work, shop, and even learn online, companies that want to stay ahead of the game must have a plan to dominate in their fields on the web. Looking good in store is now only a small part of owning a profitable business. Your impact on social media sites and internet searches will improve, or break, your cash flow potentials. The ecommerce sector is also relying more extensively on data than ever.
  3. Virtual Events-Improved speed, and reliability, in computers and mobile devices makes it possible to have virtual events and meeting. It saves time, and a substantial amount of money, when you compare it to the costs of traveling. Attending a virtual class for school allows you to stay relaxed within your own home, but it will require a device that can keep up with the site giving the class.
  4. AI (Artificial Intelligence)-This is a concept that many people think of when they hear about a science fiction story based in the far future. If you look around, though, AI is already present in some businesses and homes. It can speed up production lines, allow for automated contracts to be completed online, and can even help create new products and services by using information that it collects over a small amount of time.

You may be wondering how the growing reliance on big data pertains to loans, especially unsecured business loans.  The more tech that you have for your business, the more capital that you have in the eyes of a lender. This will increase your odds in getting a basic loan that has to be secured. You will need to understand the new data-driven algorithms that lenders use and know how to present your business in the best light possible. If your devices and equipment have been up and running for a while, you will have noticed that your cash flow has increased because of the ease at which technology can make your business run.

If the lender does require you to have some type of collateral, your tech equipment will have a decently high value. This will allow you to get a bigger loan than the company down the street that still uses a typewriter and orders products by hand.

Automation will be the way of the future, for lenders as well as businesses, and the public. It will allow you to file for a loan online. Get your response through an email or text. And within hours your money from the loan can be deposited straight into your bank account. This process will become simpler as technology continues to expand. Loans will be easier to qualify for and bigger amounts will be available.

TAGGED: ai in finance, data analytics in finance, finance and big data, lending industry
Diana Hope November 12, 2021
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
anti-spoofing tips
Anti-Spoofing is Crucial for Data-Driven Businesses
Security

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

benefits of AI for fintech security
Fintech

Former SEC Boss Allison Lee Highlights AI’s Future in Fintech

11 Min Read
benefits of using ai for bitcoin investors
Blockchain

AI Can Amplify Benefits and Temper Risks of Bitcoin Investing

10 Min Read
AI can help with nonprofit fundraising
Artificial Intelligence

How Artificial Intelligence Can Improve Your Fundraising Efforts

5 Min Read
find a data-driven fintech marketing agency
Fintech

What to Look for in a Data-Savvy Fintech Marketing Agency

11 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?