SMBs are the backbone of the economy and supporting them, at speed, is crucial. As the pandemic made clear, the need for financial institutions to service customers in very different ways, at short notice, was central to the ability for SMBs to continue operating.   

At Fintech Talents North America, Jesse Honigberg, Technology Chief of Staff, Cross River Bank and Kelsey Weaver, Director of Platform, Mendon Ventures & Board Member at Locality Bank, joined Ronan O’Dea, Head of Product, Validis to discuss how leveraging data was, and is, central to being able to deliver on that need.  

A Jesse notes, SMBs are generally ‘cash poor’ and understanding how to bring together the right partners, within an API framework, to build the right product mix for a business is a challenge. Most banks are not structured to deliver on that sort of partnership model, which may well entail a mix of bank/fintech providers. Cross River Bank, for example, can deliver that product mix, whilst retaining the security that comes with being a bank.  

Capturing an understanding of SMB clients (with data) points to how best to meet their needs – throughout the pandemic and beyond. Incumbents may well be sitting on a goldmine of data but simply can’t effectively make use of it. Kelsey noted that some banks are moving towards being able to do just that but, of course, some are further along that curve than others.  

Listen to the full discussion to understand not just the importance of data but also the power of partnerships in a fast-changing landscape. As Jesse notes, you can’t be great at everything.  

The conversation continues at the 2022 edition of the Fintech Talents Festival, 14th & 15th November at The Brewery, London.