Thu Dec 2 UTC (about 2 months ago)
In your timezone (EST): Thu Dec 2 10:00am - Thu Dec 2 11:00am
Over the past 18 months, the Covid-19 pandemic has rapidly accelerated the pace of digital transformation across many sectors. Financial services businesses were prompted to update and optimise their technologies to remain competitive in landscape increasingly overwhelmed by online banks and fintech organisations, triggering a revolution in small business lending that threw into stark relief the need for digitised processes, tailor-made products, and sharper customer service.
The industry’s transformation comes at a crisis point, with small firms most under pressure as government funding schemes end and many mainstream banks become more selective in lending to small businesses. If small businesses are to play their key role in the global economic recovery, they will need those incumbent lenders and a new breed of nimbler digital rivals to up their game.
The Economist Intelligence Unit has surveyed lenders across North America, Europe and Australia/New Zealand to gain vital insights into what small business lenders must do for their borrowers if they are to prosper, at a time when nearly half of them are grappling with the economic fallout from the pandemic. The future of small business lending a virtual fireside chat programmed by Economist Impact and supported by Q2 and Salesforce will deliver and examine these insights and as well as seek to answer the following questions:
• 84% of lenders say that using alternative data sets will become the norm in credit decisions. Which other innovations are helping lenders streamline their business?
• Half of North American lenders believe that open APIs, which underpin open banking, will play a key role in their sector, while 44% of their European counterparts are betting on blockchain. What will shape the lending ecosystem, which over three quarters view as the way forward?
• How can banks, fintechs and big tech firms best collaborate for the benefit of small businesses’ growth?
Candice de Monts Petit
Manager, Policy And Insights, Economist Impact
Chief Strategy Officer, Q2
Senior Vice President Industry Advisors, Salesforce
• Sales | Q2