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August 20, 2022
Finance Technologies

Banks must deploy AI with urgency to save SMEs amid COVID-19

Government-led funding programmes are a vital pillar of support amid the current coronavirus (COVID-19) crisis. However, their effectiveness relies heavily on the ability of lenders to qualify, process and issue loans at speed. Current evidence suggests this speed and efficiency is not always at the required level. The rate of completed applications under the Coronavirus Business Interruption Loan Scheme (CBILS) has been widely criticised, and the newer Bounce Back Loans scheme has seen banks overwhelmed by skyrocketing loan application volumes. Banks must deploy AI with urgency to save SMEs amid COVID-19. Banks managing financial support schemes for businesses impacted by…
Banks must deploy AI with urgency to save SMEs amid COVID-19

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