Article Summary
The article discusses the advantages of non-banks in the financing industry. According to the CEO of a trade finance provider, non-banks can offer faster turnaround times for financing due to their strong relationships with brokers, high-quality products and services, competitive pricing, and technology. This can benefit small and medium-sized enterprises (SMEs) that require financing quickly.
What This Means for You
- If you are an SME looking for financing, consider non-banks as they may offer faster turnaround times and competitive pricing compared to traditional banks.
- If you are a broker, consider partnering with non-banks to provide your clients with quicker financing options.
- For those in the financing industry, it’s important to recognize the competitive threat posed by non-banks and consider investing in technology and product development to remain competitive.
- Moving forward, the trend towards non-bank financing is likely to continue as technology enables faster and more efficient financing options for SMEs.
Original Post
“For us, we have a strong relationship with brokers,” Saoud said. “It’s about providing high quality products and services, around the personal touch, around our sales team and credit, competitive pricing and delivering on that speed. And non-banks often offer faster turnaround times for financing. We can respond very quickly through technology an new products to market.”
Key Terms
- Non-banks
- Financing
- Turnaround times
- SMEs
- Technology
- Brokers
- Product development
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