Weekly Insights from Sol Berkoff
Principal at Charleston Capital, Inc.
Alternative Finance Platforms see user experience as one of their major advantages over traditional lenders.
To them, banks are hopelessly stuck in the past when it comes to building software that will maximize customer satisfaction.
Is there any way to determine how satisfied small businesses are with alternative finance platforms?
The Federal Reserve just came out with its annual survey of small business finance. As you can see in the graphic below, satisfaction with alternative finance platforms actually declined in 2018.
Source: Federal Reserve
Here at CCM, the release of these data once again confirmed our suspicion that the big online small business finance companies are ripe for competition.
To truly replace the small bank, alternative finance platforms are going to have to do more than just offer quick decisions using a pretty interface. They are going to have to lower APRs. They are going to have to help solve small business’ cashflow problems.
We at CCM wholeheartedly believe in the power of personalization and in the importance of user experience.
But we are building our business at CCM to help small businesses succeed.
We believe that success is the ultimate user experience.