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Winning the SMB Banking Battle: Accelerating Lender Success With Data
Small to medium-sized businesses (SMBs) generated $850 billion in revenue worldwide for banks in 2019, a figure predicted to grow by seven percent annually over the next seven years. However, SMBs are still underserved regarding specific financial services, especially lending. SMBs form the backbone of the US economy. In fact, according to the Small Business Administration, there are over 27 million small business in the US generating approximately 50% of GDP. Providing them with the financial services they need is essential for a well-functioning economy and society. Of course, for their own well-being, lenders must be proactive about minimizing debt…
What is the Network Effect of Data? (And Why You Should Be a Part of It)
Generating and using rich data to drive business performance is now a central objective of so many companies. However, while it comes with its challenges, it may not be enough on its own. According to Gartner, external data sharing generates “three times more measurable economic benefit” than an organization relying only on its own network data. To maximize outcomes, organizations must develop a system of gathering, verifying, and interpreting data efficiently, while also incorporating a streamlined sharing method. For this reason, organizations are increasingly looking to integrate a data network effect into their operational procedure. The network effect of data…