# How giving insights into card spend can help organisations to manage their business Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2020-11-25 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Key Lending Trends: Bounce Back Loans and Pandemic Innovation Meta Description: Discover key trends in lending including bounce back loans and the importance of prioritising customer's financial health scores. Learn more with Alex URL: https://financedigest.com/how-giving-insights-into-card-spend-can-help-organisations-to-manage-their-businesshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/untitled-design-2020-11-25t175107-1736838708140-compressed.jpg) _By **Alex Miles,** Head of Growth at [Capital on Tap](https://www.capitalontap.com/en/)_ 1. **What are the key trends you’re seeing in lending?** We are seeing a lot of businesses jump on the UK government’s lending schemes, particularly bounce back loans. These schemes are providing much needed cash to SMEs in the UK and will be a key part of our country’s recovery from the current pandemic. We are estimating more than 60% of our customers have gotten a government-supported [loan from ourselves or their business bank](https://www.financedigest.com/ant-group-starts-to-differentiate-consumer-loan-business-jiebei-from-bank-loans.html "Ant Group starts to differentiate consumer loan business Jiebei from bank loans"). 2. **The 2008 financial crisis was the catalyst for alternative lenders. Do you think the current pandemic will be a similar agent for innovation and [change](https://www.financedigest.com/how-advanced-self-service-technologies-are-changing-the-face-of-finance.html "How Advanced Self-Service Technologies are Changing the Face of Finance") and what might it look like?** I [think every major crisis brings about change](https://www.financedigest.com/three-ways-that-2022-is-going-to-change-how-you-think-about-money.html "Three ways that 2022 is going to change how you think about money"). Banks and lenders that [support consumers and SMEs will need](https://www.financedigest.com/hung-out-to-dry-smes-need-further-support-to-stay-afloat.html "Hung Out to Dry: SMEs need further support to stay afloat") to start prioritising customer’s “financial health scores”. I think we will also [see](https://www.financedigest.com/italy-slashes-2023-growth-forecast-but-sees-public-finances-improving.html "Italy slashes 2023 growth forecast but sees public finances improving") the increased prominence of alternative savings and financial management apps and websites (the CreditKarma’s of the world) that will then recommend lenders to their customers and become the “hub“ for consumer and SME finances. Right now, we’ve only seen the [tip of the iceberg in that space](https://www.financedigest.com/are-we-at-a-digitise-or-die-tipping-point-in-the-telco-space.html "Are we at a ‘digitise or die’ tipping point in the telco space?"). I could also [see](https://www.financedigest.com/uk-sees-biggest-rise-in-foreign-workers-since-covid-19-pandemic.html "UK sees biggest rise in foreign workers since COVID-19 pandemic") “pandemic preparedness rating” become a thing as well. 3. **What are the biggest challenges for lenders in the** [next 12 months?](https://www.financedigest.com/prince-harry-and-meghan-to-visit-britain-next-month.html "Prince Harry and Meghan to visit Britain next month") No one knows what the new normal will look like. We have to understand many of our customer’s “new normal” may still make it enormously difficult to [run their business](https://www.financedigest.com/how-to-use-a-pos-system-to-run-your-business.html "How To Use A POS System To Run Your Business?") profitably. We have to be ready to work with them and give them the tools to thrive. 4. **What do lenders need to prioritise to deliver a better** [customer experience?](https://www.financedigest.com/why-transforming-the-back-office-is-key-to-customer-experience-success-in-financial-services.html "Why Transforming the Back-Office is Key to Customer Experience Success in Financial Services") Self-service. A lot of [banks and lenders were overwhelmed by calls](https://www.financedigest.com/analysis-powerful-swiss-central-bank-faces-reform-calls-in-wake-of-credit-suisse-rescue.html "Analysis-Powerful Swiss central bank faces reform calls in wake of Credit Suisse rescue") and queries during the pandemic, which was when their customers needed them the most. We saw a lot of desperate customers that needed relief from payments waiting for days to get in [contact with their bank](https://www.financedigest.com/uk-watchdog-contacts-banks-following-huge-withdrawal-of-mortgage-deals-ft.html "UK watchdog contacts banks following huge withdrawal of mortgage deals -FT"). That just isn’t acceptable. 5. **You have already started to make the transition to lending 3.0. Why did you want to build a card programme?** [Cards have overtaken cash as the primary method of spending](https://www.financedigest.com/card-spending-in-uk-falls-below-pre-covid-average-ons.html "Card spending in UK falls below pre-COVID average – ONS") in the UK. We believe that trend will continue over the [next 10 years](https://www.financedigest.com/musk-says-tesla-will-launch-prototype-of-humanoid-robot-next-year.html "Musk says Tesla will launch prototype of humanoid robot next year") and think that being a card-enabled lender puts us in the best place to ride that wave. Further, we think giving [customers unique insights into their card](https://www.financedigest.com/can-banks-acquire-customers-with-biometric-payment-cards.html "Can banks acquire customers with biometric payment cards?") spend can help them better manage their business and their finances. 6. **What’s your vision for your card programme and how it will help you** [solve your challenges and deliver a better customer experience?](https://www.financedigest.com/solving-the-customer-experience-conundrum-how-fs-organisations-can-use-data-to-level-up.html "Solving the customer experience conundrum: How FS organisations can use data to level up") Our goal is to be the best [credit card for small businesses](https://www.financedigest.com/more-businesses-investing-in-assets-like-virtual-credit-cards.html "More Businesses Investing In Assets Like Virtual Credit Cards"), period. We need to build more features to help our customers manage their card spend, when to be proactive in their spend, and how they can use our funding facilities to grow their business rather than looking at it as a [debt burden](https://www.financedigest.com/analysis-twitters-massive-revenue-drop-adds-to-heavy-debt-burden.html "Analysis-Twitter’s ‘massive’ revenue drop adds to heavy debt burden"). We have a long way to go but we think there is a [bright future](https://www.financedigest.com/german-home-solar-power-firm-sees-bright-future-as-demand-soars.html "German home solar power firm sees bright future as demand soars") in providing this type of service to SMEs. We’re also looking at expanding to new regions, having just launched in Spain using modern card issuing platform [Marqeta](https://www.marqeta.com/) to customise our card programme and meet the needs of the Spanish market. Utilising Marqeta’s modern payments platform to make processing quick and easy, SMEs can focus on running their businesses, instead of jumping through hoops to [secure the funding](https://www.financedigest.com/hungary-pledges-legal-changes-to-secure-eu-recovery-funding-govt.html "Hungary pledges legal changes to secure EU recovery funding – govt") they need. We expect to issue millions of Euros to Spain’s 3 million sole traders and [small businesses](https://www.financedigest.com/4-ways-small-businesses-can-save-money-while-outsourcing.html "4 Ways Small Businesses Can Save Money While Outsourcing") within 2020 and beyond, supporting their plans to reopen, grow and prosper. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---