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The Small Biz: Banking Conference was held on November 19-21 at the Intercontinental Downtown in Los Angeles. From the last 23 years, the American Banker Small Business Banking Conference has been the nation’s largest and most progressive small business banking event in the industry. The Conference’s main aim is to help banks develop effective strategies to attract and serve small business clients. The 2019 Conference was focused on giving banks, solution providers and others a common platform to gain insights on how to best strategize for the small business banking industry, especially with the evolving fintech landscape and the emergence of neobanks.
Who were the Attendees at the conference?
The event was attended by over 500 delegates, a 36% jump over the 2018 event. This underlines its status as the go-to event for small business banking.
The Small Business Banking conference brings together an unmatched network of professionals committed to moving the business banking industry forward. The 3-day conference covered competition from fintech startups, digital client experience, platformication, attracting small business clients and multiple other industry hot topics.
The event kicked off with two learning labs. One was on high touch coaching and the other showcased Zelle, the digital payments network for small businesses. The event welcome was conducted by Nick Miller, the President of Clarity Advantage Corporation. After this, the first day saw sessions on different topics such as co-creating with customers, digital account opening and what has worked for the buy-side in the fintech industry.
The second day of the event saw a briefing on the upcoming recession and how prepared is the industry. After that, there was an informative session on inclusive lending. It analyzed how Square Capital is disrupting the current landscape with its business model. This was followed by a session sponsored by VISA with a focus on Digital Payments. The day saw sessions on adapting to the modern customer, small business banking lessons from JD Power and how to grow big, fast. An interesting discussion was on “Bank Accounts For Dog Walkers, Youtube Stars, And Etsy Sellers”. With freelancing set to become a trillion-dollar industry in its own right, credit and banking solutions for such customers will drive the next wave of innovation.
The industry innovation lunch sponsored by Oracle on “Leading Small Business Banking into the Digital & Data-Driven Age” was insightful for many small banks and credit unions.
Post lunch saw events focusing on three major tracks: financing profitably, marketing and selling, delivering value. Of particular note were sessions on leveraging analytics for decision making, small business underwriting trends and barriers to digital banking.
The third and the last day of the event kicked off with “The Innovation Story” of Rob Pascal, the Chief Digital Officer for Small Business at the Bank of America. With BofA investing aggressively into digital to capture small businesses, the session was extremely instructive. This was followed by digital demos and a panel discussion on “Lending to Capture Small Business Deposits”. A very interesting and revealing session was how a community bank partnered with a leading fintech. The session was conducted by Bob Baker, from Farm Bureau Bank and Brendon Dibella, from Streetshare Inc.
The future of small business banking session was presided by Nick Miller of Clarity, among others. The session delved deep into the latest trends and what the panelists saw as the evolution of the industry. The last session at the event was from Adam Carson of POINT72 VENTURES, a premier Venture Capital firm. It gave a VC’s perspective on the disruption happening in the financial services industry.
The Small Biz: Banking Conference also saw MonJa team at booth #108. The company was a premier exhibitor at the conference and had the opportunity to showcase the next generation of loan underwriting automation, powered by Artificial Intelligence and Machine Learning. Industry leaders in small banks and credit unions interacted with the team and were excited to see how MonJa can help their credit officers underwrite commercial deals 70% faster.
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