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Small Business Remains A Big Opportunity For Banks

Forrester IT

*This blog post is co-authored by Sohm Gough Small and mid-sized businesses (SMBs) have been battered over the past three years by the continuing to face headwinds of inflation, supply chain interruptions, macroeconomic uncertainty, and disruptive technologies that threaten market upheaval.

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Small Business Banking Has Been Disrupted (And There’s No Going Back)

Forrester IT

Bankers around the world are rightly worried about the threats posed by digital disruptors getting in between them and their retail banking customers. But Forrester’s newest research reveals that executives should be just as worried — perhaps even more worried — about another market that is being upended: Small business banking.

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Open Banking in Australia: Where Are We Now?

Forrester IT

As Australian banking leaders roll out initiatives to help consumers and small business owners cope with the fallout from the coronavirus, they also face an impending deadline: to make consumer data available by July this year. Although open banking was announced two years ago, most Australian banks […].

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Lenders: Speed Up Access To Small Business Loans

Forrester IT

Small businesses globally are experiencing a serious credit crunch from COVID-19 lockdowns. Many small and medium-sized businesses sit on little if any cash reserves and some have already lost most of their revenue; but they still have to pay their bills, maintain their supply chain, compensate their employees, and repay their debts.

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Rules targeting financial criminals will require new filings for startups and small businesses

GeekWire

Startup and small business owners take note: if your company has 20 or fewer full-time employees and gross annual sales of less than $5 million, there’s a new federal filing requirement that you need to know about. Insignia of the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

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First Apple, Now Amazon: Goldman Sachs’ move to help big tech into banking

Forrester IT

Goldman Sachs has already partnered with Apple on its credit card, and we now hear that the firm is close to striking a deal with Amazon on small business lending. What does it mean, and should traditional banks be worried? Watch the video below to hear my take on why this matters.

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Square launches checking and savings accounts for small businesses

The Verge

Square is launching a new free banking service on Tuesday that connects to the payment and point-of-sale products the company already offers to small businesses. Square says Square Loans are offered based on a small business owner’s previous sales history through its platform rather than their credit score.