NAB taking on SME lending fintech competitors
(15 May 2018 – Australia) NAB has this week launched QuickBiz for Broker, an unsecured, short-term small business loan and overdraft facility through the broker channel, in an effort to take on fintech competitors to the SME space.
The platform enables brokers to digitally apply for unsecured loans of between A$5,000 - $100,00 for their small business clients. The product will provide instant decisioning with approved funds being made available one business day after signed documents are returned.
Speaking of the decision to launch QuickBiz into the broker channel, general manager of NAB commercial broker Chris Thomas said, “Much of the discussion in the economy is around providing emerging businesses and micro businesses with access to capital where they may not have security. Certainly, right here, right now, the fintech society has really moved to provide solutions in that space. We see QuickBiz as really going head to head with those fintechs… but we’re going to do it in a way that is commercially sensible and we’re going to do it with fair interest rates.”
Steve Kane, general manager of broker distribution added that while fintechs are successful at the enquiry level, borrowers still prefer to talk to someone face-to-face, which is where the bank and their brokers will flourish.