More than 1.5 million SMEs have borrowed a combined £46bn via the Bounce Back Loan Scheme (BBLS). Flexys has developed a digital journey that is helping lenders manage the vast repayment process.
With the system now live at high street banks, Flexys Chief Executive, Jon Hickman and Chief Technology Officer, Brian Smith, talk to Credit Strategy Magazine about how the digital solution works.
Credit Strategy: How would you describe the bespoke BBLS journey you’re creating for SMEs?
Jon Hickman: “There are three key elements to the Flexys BBLS solution now being delivered into high street banks. First is allowing customers to explore and select pay as you grow (PAYG) options, 24/7, independently. Initially, borrowers are invited to log in to our self-service portal where they are taken on a journey to explore the PAYG options that are available.”
“Using the bank’s own loan calculator, the platform can illustrate clearly and accurately how each PAYG option affects the parameters of the loan: instalment amount, interest and term. This helps the business owner make an informed decision about which option, if any, is appropriate for them…