New research will aim to establish current trends and best practice in the growing fintech lending market to small and medium-size enterprises (SME).
Fintech small business lenders are being surveyed as part of a collaborative research project by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) with industry organisation FinTech Australia and independent SME finance expert Neil Slonim from theBankDoctor.org.
Fintech lenders are an emerging alternative to banks for small business loans, often through seamless and highly automated online application, assessment and decision processes.
The survey will collect information from fintech lenders that can shed light on some of these issues.
Results will be published in a report to identify industry best practice and help SMEs to better understand their fintech borrowing options.
The survey results will also inform fintech lenders how they can help SMEs by improving the transparency of their lending products and by clearly communicating the rates, costs, terms and conditions of their products.
To assist you, a glossary of standardised terms has been developed.