Learn more about how ezbob has helped organisations transform their lending and act as a catalyst to increase profitability.
Why American Express chose ezbob to power its new SME unsecured lending product
In 2018, we announced a new partnership with global payment services credit card giant American Express to offer selected their UK SMEs fast, secure and competitive access to finance.
Their decision to partner with us to offer their customers a new way to access short-term finance reflects ezbob’s advanced functionality and the rapid implementation capabilities of the platform delivered through a fully-managed support model.
Providing streamlined access to financing for SMEs was a founding principle for developing the Ezbob platform solution.
Carlos Carriedo, Senior Vice President of Global Commercial Services at American Express, said:
“We know agility is crucial for smaller businesses to help retain a competitive advantage but accessing the finance needed to react swiftly to changing customer demands, or seize an opportunity, can be a challenge. Building on the existing support we offer businesses to help them manage payments across the entirety of their supply chains, we’ve teamed up with ezbob to explore offering our customers low cost access to new capital, which can help keep their business moving.”
(part of RBS)
Esme continues to grow lending volumes using ezbob’s end-to-end solution
In early 2017, NatWest (part of RBS Group) launched a new digital platform to speed up the lending process for SMEs. Borne out of an ‘Innovation Cell’, working with ezbob, Esme was developed in response to the emergence of innovative direct and P2P lending platforms, and aims to simplify and speed up the lending process.
On the week of Esme’s launch, Alison Rose, CEO Commercial and Private Banking at NatWest stated how they were “excited to launch the trial of Esme this week offering SMEs yet more choice in how they access the funding they need to invest and grow”.
After a successful trial period, Esme invested in a significant out of home advertising campaign raising awareness of their online lending platform.
The ezbob solution has enabled SME owners to quickly access a decision on funding whilst driving a higher conversion rate for Esme. Lending volumes continue to grow.
Yorkshire Bank (part of CYBG)
Yorkshire Bank launches new product with ezbob
Yorkshire Bank launched a new product in November 2017 to reduce the amount of time it takes to process finance applications from the SME sector from weeks to hours.
Yorkshire Bank use its own algorithms for assessing the loans as well as its own credit and pricing, while utilising ezbob’s technology, to bring down the application process from as much as two weeks to less than 24 hours.
Speaking exclusively to The Yorkshire Post during a visit to the region, the bank’s chief executive David Duffy said: “We are really creating a bank which is ready to adapt to the future and the really exciting part to start that with is this fintech.
“We looked at providers that are within this SME space because that is our core, that is what we like to do best. We looked at how to best to serve our northern environment. We talked to people and asked what is it that you want?
They all talked about being underserved and lack of convenience. We recently saw data showing 40 per cent of SMEs were funding investment off a credit card, which is staggering.”
The new platform can allow SMEs to access finance in the region of between £10,000 and £150,000 in less than 10 minutes.
Gavin Opperman, group customer banking director for CYBG, added: “We take probably about two weeks on a nominal small loan. That is just because of the way we underwrite and documentation we require for it. It is cumbersome and it served the banks well. But you are not talking about 24 hours before somebody will have the money in their account. That is the speed we need to support people who have good businesses.”