Trade Ledger, a fintech lender in Britain, has urged traditional lenders across the United Kingdom to upgrade their technology and digitize their small business lending operations. Doing so would expedite the lending process and help SMEs reduce the increased cost of doing business. It will also enable lenders to introduce the next generation of working capital solutions like asset-based lending and invoice finance for their clients. Pointing to an EY report about SME banking transformation, Roger Vincent, global VP of sales at Trade Ledger, said most UK SMEs are dissatisfied with the current lending process and the time taken to release the loans.
