Jamie Stewart

Think Business Loans aims to boost lender productivity with updated iFunds tech

Think Business Loans has revealed that it will be introducing version two of its iFunds technology in March.

The broker — which currently has 300 lenders on its panel, all catering for specific cash flow requirements — said that the update to its iFunds tech is expected to improve productivity for lenders by up to 75%.

It will also enable bank statements to be retrieved within one minute and run automatic anti-money laundering (AML) checks.

In an exclusive interview with Bridging & Commercial, Jamie Stewart, CEO at Think Business Loans (pictured above), described the banking system as “ripe for disruption”.

“Eighty-five percent of our clients have either been turned down for a loan or, in most cases, could not even arrange a meeting with their corporate account manager,” he said.

“Twenty years ago, businesses owners would have a direct relationship with their bank manager. 

“Now, most [SMEs] we speak to wouldn’t know where to start.”

Jamie added that although he was unsure whether Brexit would have a direct effect on SME funding, he believed that the potential negative economic impact could have a “more holistic” bearing on the market.

He stated that any uncertainty or downturn could impact successful businesses and increase the likelihood of liquidation, which will in turn effect default rates and, ultimately, price.

“However, our platform ensures a full and fluid 360 coverage to ensure all risk profiles are met.

“[Through] monthly lender appraisals, [we’ll ensure that] we have a full understanding of our lenders’ appetite.”

According to Jamie, the comparative propositions in the sector are becoming “more agile and attractive”.

“Our belief is that within 10 years, bank finance will be a legacy and an antiquated service; specialising in blue-chip corporate banking and completely snipping SME channels.”

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