Can AI co-pilot SMEs toward credit? Soapbox session at AFC UK Summer Conference 2025

The final session of the AFC UK Summer Conference 2025 ended with a bang as a spirited panel tackled the persistent challenge of SME access to finance. Titled “Can AI co-pilot SMEs who want credit?”, the Soapbox-style discussion unpacked not only how artificial intelligence could be a game-changer for asset finance awareness, but also what’s really holding SMEs back from seeking funding in the first place.

The session, chaired by Jason Hurwitz, Sales Director at Netsol Europe, featured a thought-provoking lineup: Richard Huston, MD and co-founder of VAMOS; Graham Lines, Head of Product at Novuna; and Tom Perkins, Director and co-founder of Charles and Dean.

The demand gap: not just a supply problem

Despite a vibrant broker ecosystem and myriad lenders, a significant proportion of SMEs remain unaware or sceptical of financing options beyond the traditional overdraft, credit card, and bank loan. A striking 40% of SMEs are classified as permanent non-borrowers.

Tom Perkins challenged the assumption that demand is low. “The demand is there,” he argued, “but it’s clouded by a chronic knowledge gap.” The real issue, he said, is confidence and trust. The fragmented finance ecosystem is intimidating, and that’s where AI could provide scalable education and navigation.

Bringing AI to life: a demo that delivered

Richard Huston presented a demo of an AI-powered chatbot, designed to guide SMEs through financial options in plain, accessible language. In the example, a user starting a fashion business asked about funding for equipment. The chatbot not only explained asset finance in layman’s terms but also helped the user understand next steps, pointing them toward a broker and detailing documentation requirements.

The tool was built in under 30 minutes using ChatGPT, an important point that reinforced AI’s low barrier to implementation. But more importantly, it offered a safe space where SMEs could ask “stupid” questions without judgment.

Human + AI = the right formula

He suggested that tools embedded in safe environments like accounting platforms or advisor portals could build trust faster than standalone applications.

Graham Lines echoed this, noting that while AI has the potential to make education scalable, human support remains vital, especially in the highly regulated lending environment.

Regulation and complexity

An audience member challenged the panel on regulation: are we overcomplicating access to finance? With SMEs time-starved and overburdened, how can they engage with a system packed with red tape, privacy policies, and legalese?

The panel didn’t shy away. Lines admitted: “We are overregulated. It’s a mess. But the consumer duty agenda has also pushed us to improve customer journeys.” Here again, tech and AI offer a partial remedy – streamlining applications and improving transparency without sacrificing compliance.

Where should AI sit? Who should build it?

A crucial question followed: Who should own the responsibility of creating an AI tool for SME finance education? The panel agreed it should be a collaborative effort.

• Government and BBB: Trusted touchpoints, especially for startup businesses.
• Industry bodies like the FLA or NACFB: Could co-create a vetted tool.
• Brokers and lenders: Must contribute funding, data, and use cases.

Reaching SMEs where they are

Another audience question asked why the industry wasn’t using mainstream media to raise awareness. “Meet SMEs where they are – on the radio, social media, podcasts,” they urged. The panel agreed: tools are useless if SMEs don’t know they exist. Any successful AI solution must be pushed into the public eye through mass communication, not just parked on a website.

New starts vs. seasoned SMEs: where’s the real opportunity?

In a final round of audience Q&A, one delegate suggested that focusing on startups might be misguided given high failure rates. Lines acknowledged the risk, but both he and Perkins maintained that early intervention is essential. Helping startups become fundable over time, through AI-powered coaching and broker support, could yield loyal, long-term customers.

Concluding remarks

In wrapping up, Jason Hurwitz highlighted the 10-point rise in belief in AI tools from the start of the session. While industry marketing and government campaigns received zero support in the final poll, AI had captured hearts and minds. The audience was convinced: AI has a real role to play in bridging the SME knowledge gap.

Poll: AI leads the pack

Before the panel began, delegates were asked: “What do you think is the most effective way of increasing SME awareness for asset finance?”

Initial results showed:

• AI powered tool could benefit in this space: 50%
• More broker marketing to SMEs directly: 25%
• Improved bank referral processes: 12.5%
• Lender collaboration to fund industry marketing: 12.5%
• Government / BBB awareness campaigns: 0%

The poll was repeated after the discussion – and the numbers shifted dramatically:

• AI powered tool could benefit in this space: rose to 60%
• More broker marketing to SMEs directly: 20%
• Improved bank referral processes: 20%
• Lender collaboration to fund industry marketing: dropped to 0%
• Government / BBB awareness campaigns: 0%

It was a clear signal: the audience was swayed. AI, once a theoretical tool, had become a tangible solution in their eyes.

Takeaways from the Soapbox Session:

AI is no silver bullet, but it’s a powerful educational and triage tool.
Brokers remain essential for contextual guidance and trust.
Regulation is a real barrier, but tech can help simplify the journey.
Collaboration is key: An AI-powered tool should be industry-built but government-embedded.
Promotion matters: Tools must meet SMEs where they are, not the other way around.

As SMEs continue to power the UK economy, perhaps the next frontier won’t be just about providing more credit, but about helping businesses understand when, where, and how to use it.