NEW FINTECH-LED TRENDS IN THE SMALL BUSINESS BANKING SPACE
WRITTEN BY : JOANNA ENGLAND
From digital payments to frictionless lending , we take a look at the latest trends in small business banking – and how they ’ re impacting the industry
W hile the pandemic and digital transformation have , together , driven many positive changes in the fintech and insurtech industries , small businesses in general have suffered catastrophically . Unable to cope with the costly demands placed on them by lockdowns and enforced closures , many of them took loans to survive .
Now , as inflation rises on a worldwide scale , they are struggling against a rising tide again . Banks and financial institutions can offer a lifeline , in terms of new products and services , that can ease the challenges of running a small business in challenging times . But what exactly is on offer ?
Large enterprise vs small business banking A significant difference between small business and large enterprise banking is that small business owners don ’ t have CFOs or finance directors to manage most of the financial aspects of running a business and , instead , often act upon gut feeling , according to Rob Straathof , the CEO of
Liberis .
92 July 2022