Small businesses, big growth.
SMEs are big business. They make up around 90% of businesses worldwide and employ more than half of the global workforce. However, the road to SME success is not easy. We surveyed over 1,000 SMEs globally about their experience accessing finance through banks and lenders.
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The Digital Evolution of SME Lending
Lending has entered the digital age
Small and medium businesses were hit hard by COVID-19. In August 2020, McKinsey reported that 70% of European SMEs saw their revenues decline as a result of the pandemic.
But it also supercharged SME growth. Research from our Disruption Diaries report on emerging consumer financial tribes identified Covidpreneurs as a key consumer group globally. Almost a quarter of consumers set up their own business since the pandemic, and a further 54% are now more likely to set up their own business.
However, the pandemic isn’t just responsible for creating more SMEs, it’s changing their expectations of lenders as access to funding remains a constant roadblock.
If this demand goes unaddressed, it is a huge missed opportunity for the global economy and SME banks and lenders. Financial institutions must do more to tackle challenging application processes for loans.
"The pandemic forced SMEs to reassess their business models to adapt quickly to the new situation, innovating their core business. The need for businesses to get fast clarity on their funding opportunities in its turn has stimulated banks to digitalise and provide fast and clear processes for loan applications."
Arnoud van Zelderen
CEO
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