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Friday, November 21, 2014

8:15 a.m. - 8:45 a.m.

KEYNOTE ADDRESS: EVERY PART OF SMALL BUSINESS BANKING IS BEING REVOLUTIONIZED: DID YOU NOTICE?

Chris Skinner, Chairman, FINANCIAL SERVICES CLUB

Small businesses are treated harshly in many geographies.  They gain minimal services compared with their large corporate cousins, and yet generate a large part of the national income.  In an average year, 45% of non-farming GDP and 75% of new jobs are generated by small businesses in the USA. How can a bank leverage these relationships at low cost but high touch?  The answer is digital.  Providing digital finance is the key for the future relationships with small firms.  Just as Square has revolutionised the payments process for this market, others are doing the same for accounting, foreign exchange and more.  What are these developments and how can a bank keep up with the needs of a demanding but very worthwhile sector?

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