How about: “more data has been created in the last two years than in the entire history of the human race”? Or that “300 hours of video are uploaded to YouTube every minute”?

So far, so incredible.

But what about: “currently, less than 0.5% of all data is ever analysed and used”?

This is the stat that really blows my mind. We’re aware that so-called ‘big data’ is already having a major influence on every aspect of our lives, particularly in the financial world, but imagine what we’ll be able to achieve when we begin to make use of the remaining 99.5%?

The times are changing and the we way use big data is changing, too. New technologies have meant that we can launch a product such as our new cash advance, which we believe to be the quickest business loan currently on the market. Already we’ve been able to put money in customers’ accounts in less than 12 minutes.

•   73% of SMEs put off by funding application procedure
•   New lending standards for businesses introduced
•   Lender launches 12-minute business loans

We brought this product to market so we could meet a definite need. Business owners are often so focused on the day-to-day running of their companies that they don’t have time to search for funding. When the need arises – maybe for bulk buying, meeting an unexpected order or even covering an unpaid invoice – it’s often urgent. They can’t wait three weeks for the bank to extend their overdraft; they need a fast decision. A slow loan is as good as no loan.

From the customer’s perspective, the cash advance could not be simpler: there’s a pre-approved amount of cash available for every business in the UK. But behind the scenes, things are a lot more complicated.

We use a scorecard system to instantly access thousands of data points, allowing us to make a decision in double quick time. Our systems analyse factors such as the financial strength of a business, payment performance and public records such as previous directorships.

Data analysis ensures that we are lending responsibly. We don’t want to put our customers under financial pressure and it’s in no one’s interest for us to lend to a business that would struggle with repayments. We also use data to help us sift out and report fraudulent applicants. All the data that we access is done so under secure conditions.

We are quick now but there’s room to become even quicker! We are always looking at ways to improve our systems so we can keep both our products and levels of service ahead of the curve. Data and technology are our most important tools in achieving this.