Small and Medium businesses in the UK have something to look forward to after HSBC (NYSE:HSBC) announced a £14 billion lending fund. The bank has embarked over £60 billion for UK SME’s and the latest tranche is expected to help businesses to grow after Brexit.
Increased Allocation for Certain Businesses
The fund which was originally launched in 2014 has seen increased allocation for international businesses to £2 billion while agriculture pot jumped to £1 billion against £300 million previous year. The bank continues to support businesses with potential and the management expects £14 billion embarked for SME’s will pave the way for businesses to look for new avenues of domestic and international opportunities. HSBC UK Commercial Banking Head, Amanda Murphy stated that “This £14 billion fund will help UK companies seize new opportunities for growth at home and overseas.”
The Launch Comes at Opportune Time
The launch of HSBC’s lending fund comes at a time when businesses are looking for various ways to deal with Brexit. Recent data has suggested that close to 72 percent of businesses are looking at various avenues while one-fifth of internationally trading businesses are finding ways to trade outside of the European Union after Brexit.
HSBC is not the only one who is trying to woo customers, Retail and Commercial bank Santander UK announced that it would use nCino’s Bank Operating System to provide better services to the customers. The bank will replace legacy systems with an end to end solution which would make the process smoother and enhance efficiency. Head of Digital Transformation at Santander UK, Jonathan Holman said that
“As a customer-focused bank we are committed to helping people and businesses prosper, it was imperative that we found the right partners to help us deliver the speed, transparency, and ease of use that today’s customers expect.”
By using nCino’s technology, Santander UK exects to quicken the process of customer onboarding along with the processing of loans and remain compliant in the process. The management expects that it will be able to enhance shareholders value and make a difference for the customers.
nCino is a cloud banking solution provider. It provides an operating system to the banks which increases employee productivity and higher customer satisfaction. The operating system also smoothens the process when it comes to loans, deposits, and customer onboarding.