News Roundup for Small Businesses: Small Community Banks Power the Fintech Revolution
Issue 3, February 18th
CBS did an in-depth story on the recent partnerships between banks and some of the largest fintech companies, including Square, Stripe and Robinhood. Noteworthy is that the partnerships aren’t made with household banks, but with community banks who welcome this kind of new business. These banks are handling banking activities for the fintech companies - like holding customer deposits and underwriting consumer and business loans, while also ensuring that everything is up to government activities. It’s good to see that after difficulties for the fintech companies to apply to become an ILC bank, a positive workaround has been found with community banks.
According to the Institute of International Finance, stock pickers in developing economies have generated substantial above-market returns when they’ve based their investment decisions on social parameters. Returns from emerging-market indices are “strikingly higher” than for the broader regional gauges when allocations go more towards companies that score well on environmental, social and governance factors. Goes to show that you can do good and make money at the same time.
If you’re working as a contractor or in construction, check out this review of 6 best contractor & construction customer relationship management tools. CRM tools like these help any individual contractor or small business to manage their contacts, bids and projects, while staying on top of the work.
Hootsuite and We Are Social’s Digital Trends 2019 Report shows that around one million new people are online and make use of social media worldwide. For small businesses, the most relevant numbers regard social networks (YouTube Is the Most Active Social Channel With 75% Watching Videos On Mobile) and the growing use of personal messaging (on a steady rise in the last years, with WhatsApp leading the industry). For small businesses, this report is a reminder for the wealth of opportunities available online every day, from becoming relevant when someone is looking for services to offering quick responses.
In honour of Black History Month, NerdWallet curated a series of short interviews with 12 African-American financial gurus to follow in 2019. From understanding family finance management to planning insurance options and building small businesses, there’s something here for everybody.