Pandemic vibes have completely rattled traditional banking and lending as we knew it. The good news? There’s a massive spotlight on the work that still needs to be done to better serve customers and small businesses.
Banks are grappling with antiquated infrastructure that’s just not cutting it and they’re finally being forced to innovate. For example, the challenge of dispersing PPP funds to provide America’s 30 million small businesses with financing showed there is an urgent need for faster, more agile and simple banking.
Nicole Jass, Head of North America & SMB Product, Merchant Solutions, FIS, discusses key opportunities to partner with client-merchants to provide them with ongoing access to capital.
SMB banking, particularly credit access, is ripe for innovation. The COVID-19 crisis highlights the vital economic role of small business. Adam Stettner, CEO & Founder of Reliant Funding, discusses a new model that could help small businesses weather economic storms.
Small businesses on Main Street, like your local grocer or family-owned hardware company, contribute half of both US GDP production and the nation’s workforce. Despite being an integral part of everyday American life, they are often overlooked and underserved by banks.
This MoneyPot episode is part one of a three-part series exploring why SMB/SME banking was one of the last markets that innovators have tackled, what PPP and other efforts have brought to bear, and what we can expect in the near future.
We looked at the great efforts around PPP. What secrets have the lenders unearthed? Will they lead the financial recovery and become a force small business can rely on? How are they turning raw data into financial services gold? This is part 2 of a 3 part series.
In the third part of our series, we explore how data is being woven into financial services gold, solving the Goldilocks paradigm, and partnering with the awakened Sleeping Beauty to foster success in the kingdom of SMBs.