2. Chamberlink May 27-50.qxp_Chamberlink 29/04/2021 09:41 Page 48
Feature
Professional Services
The prevalence of
specialist finance post-pandemic By Russell Martin, founder of ARMCo
48 CHAMBERLINK May 2021
he implementation of technology within the finance industry has certainly enabled businesses to keep track of their finances, placing bank balances at their fingertips through mobile phones, tablets and PCs. Tasks such as transferring money, paying invoices and executing payroll is all done far easier and seamlessly than it used to be – certainly compared with when I joined Lloyds Bank in 1988. For personal clients, using the latest technology, banks can apply for personal loans, residential and Buy-to-Let mortgages with technology, using algorithms and scraping data from various sources
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making the decision. Unfortunately, the same can’t be said for businesses looking to access finance. In times of need, it can be extremely difficult for a SME to secure the financing required for their business, whether that be a commercial mortgage, an overdraft facility, a small business loan or more specialist areas such as development finance or a bridging loan. High street banks, challenger banks and specialist lenders can only offer their suite of products and support clients who fit their criteria, and this process is often not very transparent. Furthermore, many clients don’t have a bank
