Enews – April 2021

A few things I thought you’d find interesting in the world of small business banking.

Will Google apply for a banking license?
It seems maybe not now, due to the regulations required to be called a bank. Until someone changes the regulations, right? Banks still need to operate as if Google will enter the race.

The US unemployment rate keeps dropping.
From a high of 14.7% a year ago, it’s now 6%. But when will small businesses catch up? And how many people are counted as ’employed’, yet have taken lower-paid jobs to survive. We shouldn’t let unemployment rates take our eye off the ball that many small businesses are still struggling.

HarborOne Bank launches a new small business resource center.
They’ve integrated small business content into their main bank site. While this will help organic traffic, it’s their bankers that really need to use these tools to have better conversations with customers. As banking becomes more undifferentiated (with Google/Amazon/Apple/Facebook in the wings), personal relationships with bankers will remain the key for small business banking.

Good luck with your on-going small business initiatives.

Best regards

Glen Senior
The Small Business Company 
Contact (+64) 21-356-634

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