Home topics finance Yanir Yakutiel, CEO of Lumi Featured Finance Featured Let’s not repeat mistakes: Lender Lumi calls for partnership with big banks Guest Author March 27, 2020 As a result of the COVID-19 pandemic causing business disruptions of an unprecedented scale, alternative lender Lumi has today called for lenders to put aside their differences and create partnerships to avoid finance bottlenecks in light of the government’s $15b injection announcement to small business loans. Due to the data and technology capabilities Lumi and other Fintech providers have built to compete with the big banks , these platforms are now the ideal conduit for getting small business owners the cash they need, and fast, during these challenging times. For the new stimulus policy to be effective, it should have the following features: Effective deployment of funds (fast deployment, universal reach irrespective of physical infrastructure and appropriate allocation of funds.) Ensuring the funds are allocated in a manner that best achieves the stated policy objectives; and Ensuring that the conduit’s incentives are aligned by having “skin in the game”. Yanir Yakutiel, CEO of Lumi says, “As a technology enabled online SME lender, Lumi is extremely well positioned as both a data collector to assist policy makers in their decision making process as well as to act as a conduit for both Government (broadly defined as any Commonwealth or state department or agency, AOFM & the RBA) and the banking system to distribute stimulus monies and other policy driven credit products. “With the