Finnosummit - Bogota
FINNOSUMMIT is gearing up for its upcoming event, which will return to Bogota next March 14th in the events center Hall 74 .
FINNOSUMMIT is gearing up for its upcoming event, which will return to Bogota next March 14th in the events center Hall 74 .
SMEs are no longer an afterthought for banks. They now represent a lucrative money-spinner, and we’re not talking about loans. We’re talking about digital tools that SMEs not only want, but are crying out and willing to pay for.
Banks are in an enviable position, as they have an unrivalled platform to offer SMEs what they want and to tap into a new revenue stream. But first, they must ask themselves these five vital questions.
1. “Do we really understand what SMEs want?”
2. “Are we ready to become an SME business partner?”
In an inaugural report on U.S. small businesses, the JPMorgan Chase Institute found that most of nearly 600,000 small business customers of JPMorgan Chase held insufficient cash reserve cushions to ride out “a significant economic downturn or other disruption”. Set up last year by JP Morgan, the Institute is tasked with delivering data-rich analysis and expert insights from anonymized, transaction-level data, providing a bottom-up view of developments not obtainable from macro-level data or self-reported surveys.
Written history begins with a ledger, recording the deposits within a Sumerian temple granary. Three thousand years later, coins appeared nearly simultaneously in Anatolia, India and China, working so well that by the Song Dynasty, merchants - carrying coins in long strings around their midsections - invented paper money to avoid being crushed by their own riches.
The Global SME Finance Forum 2016 was a hugely successful event.
We welcomed 400 representatives of leading banks and financial technology firms from 180 organizations spanning over 50 countries. The key theme of our event was to explore new opportunities in small business finance, and in this regard, we heard from our speakers and participants on how technology, big data, blockchain and artificial intelligence are transforming small business finance.
The last two years have witnessed an international obsession with the new twin stars of financial services—Big Data and FinTech. Initially, new FinTech innovations were labeled “disruptive” and the emergence of growing numbers of FinTech players was viewed as a threat to the established players. However, the narrative framework surrounding FinTech and Big Data has shifted from combative to complementary.
Micro, small, and medium enterprises (MSMEs) are particularly important for developing economies, as they are often the largest employers in these economies and the source of most innovation. Yet limited access to financial services for these firms is holding them back. As World Bank Enterprise Surveys frequently show, it prevents them from achieving their potential as drivers of economic growth and innovation.
Beijing, China, September 21, 2016 - How are technology, big data, bitcoin and artificial intelligence transforming small business finance? Four hundred representatives of leading banks and financial technology firms from 50 countries gathered in Beijing to discuss how to leverage these innovations.
Traditional banking-sector participants are witnessing an emergence of marketplace lenders (MPLs) that is profoundly changing the way individuals and businesses within the financial community interact. An estimated $4.7 trillion in financial services revenue is at risk of being displaced by FinTech. This has made regulators increasingly aware that appropriate reform is needed, given MPLs’ positioning in the financial services market, as well as their evolving business models and increasing institutional support.
The Fintech 100 report gives an in-depth look into those global companies that are taking advantage of technology and driving disruption within the financial services industry. The report is a collaborative effort between H2 Ventures and KPMG.