摘要： These are the four major ways that big data technology has played a huge role in the evolution of small business lending.

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Big data technology has been one of the biggest forces driving change in the financial sector over the past few years. Financial institutions servicing small businesses have been among those most affected by developments in big data.

There are a number of data-driven trends shaping the future of small business financial management. This can be most easily observed in the context of small business lending. Many institutions that lend capital to small businesses are relying more heavily on data analytics, AI and other data-driven technology than ever before.

Big Data is the Future of Small Business Lending

We are in the age of data. Every month something amazing, and life changing, comes available on the market. This not only changes the way consumers approach companies, but it has a significant impact on how businesses run. For businesses to run many of them will have to rely on banks, and other lending agencies, to give them loans. Big data has changed the way that many of these lenders handle the actuarial and loan processing.

As companies need bigger loans to cover the costs of technologically improved equipment, banks will have to find ways to include tech advancements when accessing a business for a loan. There are four main data-driven trends that will impact small business lending the most, with many others on the way.

IOT (Internet of Things)-For those of you that already have their heads wrapped around technology, and the lingo that goes along with it, you already know what IOT means. In simple words it is the internet as we know it today. The IOT is one of the biggest breakthroughs in big data technology. Anything that you can ever want, or need, can be found on the internet in numerous areas. If you cannot find the exact article or blog that you are looking for, you will be able to find something close.

Ecommerce-Along with the increase of laptops and mobile devices it has been found that the demand for online products and services has grown. As more people work, shop, and even learn online, companies that want to stay ahead of the game must have a plan to dominate in their fields on the web. Looking good in store is now only a small part of owning a profitable business. Your impact on social media sites and internet searches will improve, or break, your cash flow potentials. The ecommerce sector is also relying more extensively on data than ever.

Virtual Events-Improved speed, and reliability, in computers and mobile devices makes it possible to have virtual events and meeting. It saves time, and a substantial amount of money, when you compare it to the costs of traveling. Attending a virtual class for school allows you to stay relaxed within your own home, but it will require a device that can keep up with the site giving the class.

AI (Artificial Intelligence)-This is a concept that many people think of when they hear about a science fiction story based in the far future. If you look around, though, AI is already present in some businesses and homes. It can speed up production lines, allow for automated contracts to be completed online, and can even help create new products and services by using information that it collects over a small amount of time.

You may be wondering how the growing reliance on big data pertains to loans, especially unsecured business loans. The more tech that you have for your business, the more capital that you have in the eyes of a lender. This will increase your odds in getting a basic loan that has to be secured. You will need to understand the new data-driven algorithms that lenders use and know how to present your business in the best light possible. If your devices and equipment have been up and running for a while, you will have noticed that your cash flow has increased because of the ease at which technology can make your business run.

If the lender does require you to have some type of collateral, your tech equipment will have a decently high value. This will allow you to get a bigger loan than the company down the street that still uses a typewriter and orders products by hand.

Automation will be the way of the future, for lenders as well as businesses, and the public. It will allow you to file for a loan online. Get your response through an email or text. And within hours your money from the loan can be deposited straight into your bank account. This process will become simpler as technology continues to expand. Loans will be easier to qualify for and bigger amounts will be available.

轉貼自： Smart Data Collective

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