Small Business Entrepreneurs Now Have Access to Intelligent Lending's New Mobile Application
In a busy year for Intelligent Lending, the fast-growing group of businesses using technology and AI to improve finance services has launched a new platform called Binq. Designed specifically for small and medium-sized enterprises (SMEs), Binq aims to make it easier for people to start, manage, and grow their businesses [1].
AI Business Assistant: Your 24/7 Partner
At the heart of Binq is Ali, an AI business assistant. Ali continuously analyzes business performance metrics and open banking data to provide real-time, personalized recommendations, alerts, and support 24/7 [2][3]. This AI assistant is designed to offer real-time support, personalized performance analysis, alerts, and insights, and flags what matters to the SME owner [4].
Smart Search Technology: Finding the Best Options Faster
Binq’s proprietary Smart Search technology uses open banking data and public records to match businesses with optimal options across several core areas—funding, utilities, insurance, and banking [1]. This not only speeds up application processes by autofilling forms but also helps business owners find better financial products beyond their own bank’s offerings [1].
Addressing the SME Funding Gap
Addressing a significant SME funding gap (estimated at £65bn), Binq partners with specialist lenders to provide matched funding opportunities, helping business owners access more competitive loans, credit cards, and business vehicle finance than they might find on their own [1][2].
Cost Reduction on Utilities and Insurance
Binq scans the market to find lower-cost utilities options, helping businesses cut soaring energy bills (utilities costs have increased by 75% since 2021) [1]. It also assists in finding personalized, fair-priced insurance, tackling the widespread issue of underinsurance among SMEs [1].
Streamlining Business Banking
Many SMEs use personal accounts for business or rarely switch business banks. Binq helps SMEs unlock better banking options, including improved rates and services, with no monthly fee and quick application, supported by FSCS protection and in-app usage convenience [1][3][4].
Expert Support Whenever Needed
Beyond AI assistance, Binq offers easy access to human experts through the app, providing additional support whenever needed [1].
Empowering SMEs for a Brighter Future
Overall, Binq empowers UK SMEs to navigate financial challenges caused by rising costs and reduced government support by combining AI insights, open banking data, expert advice, and marketplace scanning to deliver smarter funding and cost-saving business solutions [2][1]. This comprehensive, technology-driven approach helps SMEs optimize cash flow, reduce costs, and find suitable financial and operational products quickly, facilitating stronger business growth and sustainability.
Simon Kay, chair of Intelligent Lending, stated that Binq is a new addition to Intelligent Lending and a promising technology that removes many barriers for SME owners [2]. Jamie Stewart, founder and CEO of Binq, emphasized the significant contribution SMEs make to the economy and society, employing 16.6 million people and turning over £2.8 trillion annually [5]. With Binq, SMEs can look forward to a brighter future, equipped with the tools they need to thrive.
[1] Binq Official Website [2] Intelligent Lending Press Release [3] City A.M. Article [4] TechCrunch Article [5] Binq Official Blog Post
- The AI business assistant, Ali, within the Binq platform continuously analyzes business performance metrics and open banking data, offering real-time, personalized recommendations, alerts, and support 24/7.
- Binq's Smart Search technology uses open banking data and public records to match businesses with optimal options across several core areas, including funding, utilities, insurance, and banking.
- Addressing a significant SME funding gap, estimated at £65bn, Binq partners with specialist lenders to provide matched funding opportunities, helping business owners access more competitive loans, credit cards, and business vehicle finance.
- Binq assists in finding lower-cost utilities options, helping businesses cut soaring energy bills, and also provides personalized, fair-priced insurance to tackle the widespread issue of underinsurance among SMEs.
- Binq helps SMEs unlock better banking options, including improved rates and services, with no monthly fee and quick application, supported by FSCS protection and in-app usage convenience.
- Beyond AI assistance, Binq offers easy access to human experts through the app, providing additional support whenever needed, and aims to empower UK SMEs for a brighter future by combining AI insights, open banking data, expert advice, and marketplace scanning to deliver smarter funding and cost-saving business solutions.