However, I pointed out to Molloy it would be easy to get carried away and try to fix all of the problems surrounding small business lending all at once. Something that Valiant is acutely aware of.
“Very early on we thought we could help customers with insurance or we could have a software offering that provides insights and engagement for customers. We were getting peppered with ideas,” he conceded. “But our mission for the business is to be the only place for business finance. So we stayed focused on that.
“Each time we really nail a point in that lending process, we move one step deeper to where now we can get a customer from any digital starting point all the way through to a settlement. But we refuse to move on to the next thing until we have really nailed a full use case for a customer stepping through that process.”
With the COVID-19 pandemic, which was obviously extremely disruptive to small businesses and funding-based ventures like Valiant, Molloy says the company used the opportunity to steer their customers towards the various government and lending support options available.
“As news about JobKeeper, state-based tax initiatives, all these things were evolving, we were trying to communicate that through to our customer base and help them pivot. That was also the best possible thing we could do to serve our customers in the segments that were still lending.”
“Thankfully, that is rapidly getting better now with the light at the end of the tunnel and we're seeing pent up enthusiasm now being released to start operating again.”
You can listen to our full conversation by clicking on the podcast above.
Shayne Elliott is CEO of ANZ