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SME lending stands on the cusp of a transformative era, ripe for innovation. Conventional methods of researching lending opportunities often prove arduous and time-consuming, resulting in missed chances and heightened risks. This not only impacts SME consumers but also amplifies the cost to deliver lending throughout the chain. Addressing these challenges is precisely why Spark exists.
Julian Dobbin, Founder and CEO, encapsulates our mission: "When I started Spark in 2021, I’d left a successful PLC because I got that itch to do something entrepreneurial again. I believed that the disconnected technology and processes in SME lending were leading to sub-optimal outcomes for both borrowers and lenders. Others saw the same issue and looked to create marketplaces that connected borrower and lender. Lots of money was raised but these businesses failed to get traction. It's because creating a marketplace does not fix the underlying issues. So these businesses became part of the problem, not part of the solution. Spark aims to deliver solutions which will materially reduce the cost of delivery, allowing us to reduce the cost of capital for SMEs while increasing volume for lenders."
Fast forward to April 2024, and Spark embarks on its journey to deliver these value-adding products to the market. Last week, we were honoured to receive the prestigious Business Moneyfacts 'Best Use of Technology in SME Finance' award for 2024. This accolade underscores the value we bring to lenders, brokers, and SMEs across the UK, stemming from Julian's visionary foresight in 2021.
To deliver value to lenders, we start at the supply chain's inception, qualifying opportunities. This painstaking task, predominantly carried out by Business Development Managers (BDMs), involves manual data gathering, analysis, and interpretation, susceptible to error and time inefficiency. Hence, we utilise AI to streamline the process, leveraging all known data to generate succinct insights into businesses.
Our recent study with users unequivocally demonstrates the transformative impact of Spark AI on time efficiency. By reducing the average research time from 45-60 minutes to less than 15 minutes, Spark AI not only optimises productivity but also translates into tangible savings. Calculations reveal a staggering £403.85 saved per BDM per month. This compelling case for adopting Spark AI as a strategic investment becomes even more convincing when considering exceptional cases where issues arise post-investment.
Through a blend of AI accuracy, automated data gathering, peer-to-peer comparison, consistent checks, and meticulous risk analysis, Spark AI ensures airtight risk management. By minimising human error and presenting data clearly, Spark AI empowers lenders to make informed decisions swiftly. Additionally, Spark AI adapts to any knowledge gaps BDMs may have, such as adverse media searches, providing instant insights into potential risks associated with a business's sector.
The voice of our users is the ultimate testament to the efficacy of Spark AI. An overwhelming majority, with a resounding 10/10 agreement, attests to Spark's role in enhancing job efficiency. Moreover, 8/10 users acknowledge the significant time savings afforded by Spark AI, underscoring its indispensable role in their workflow. Customer satisfaction remains high, with 8/10 users expressing satisfaction or extreme satisfaction with the Spark system, reaffirming its status as a game-changer in SME lending.
Spark Auto Insights boasts features designed to optimise lending operations. Among the top-voted features by users are:
- Director table and possible matches: Offering a comprehensive list of directors and Persons of Significant Control (PSC), including fuzzy matches, to facilitate accurate decision-making.
- Auto insolvency checks: Seamlessly identifying any historical business insolvencies, mitigating potential risks and ensuring informed lending decisions.
- Charges summary table: Providing a detailed overview of all historic and current charges filed on the business, enabling lenders to assess financial health with precision.
In conclusion, Spark Auto Insights isn't merely a solution; it's a catalyst for change in SME lending. By seamlessly integrating cutting-edge AI technology with a deep understanding of industry needs, Spark has redefined how lenders and borrowers approach financing opportunities. The accolades, such as the recent Business Moneyfacts award, validate our commitment to excellence and innovation.
As we progress, Spark remains dedicated to empowering stakeholders with unparalleled efficiency, risk mitigation, and user satisfaction. Our journey has just begun, and we're poised to continue leading the charge in revolutionising SME finance. With Spark Auto Insights at their fingertips, lenders can navigate lending opportunities with agility and confidence, while SMEs access the capital they need to thrive. Together, we're shaping a future where SME lending isn't just efficient but transformative, unlocking potential and driving economic growth for all.
Interested in finding out more? Get a demo of Spark
