The Paycheck Protection Program laid bare the challenges banks have in moving quickly when there is an antiquated set of procedures and technology for most small business lending; this has allowed fintech lenders to swoop in and pick up significant new business with fast and tech-centric business processes; in most banks small business lending is a manual process that is frustrating for both the small business and the bank; banks need to digitize and create an API-centric small business lending operation but this will be an expensive proposition; Accenture estimates it will take $1 trillion over the next three years to bring all banking operations online. The Financial Brand.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.