Fintech platforms may be the way forward as the US's legacy banking system struggles under the weight of stimulus distribution.
FM
The United States government announced several weeks ago a plan to distribute billions of dollars in stimulus checks to individual Americans and small businesses across the country. However, the distribution of the stimulus seems to have been easier said than done.
Indeed, banks across the country have either struggled to meet the demands that have been placed on them by the federal government or have been slow to start their participation in the distribution program.
Indeed, the Washington Post reported in early April that small business owners seeking coronavirus-related loans have "encounter[ed] chaos and a slew of questions.", and that the "banks expected to distribute the loans, including some major names, won't yet participate in the program."
And the banks aren't necessarily to blame: Consumer Bankers Association chief Richard Hunt said in a statement earlier this month that "having just received guidance outlining how to implement a $349 billion program literally hours before it starts, we would ask for everyone to be patient as banks move heaven and earth to get a system in place and running to help America's small businesses and the millions of men and women who work at them."
This seems to be the primary reason that the US government made a quick turn toward the fintech industry: on Monday, the United States government made the decision to approve Paypal, Intuit, and Square as participants int he US Small Business Administration's (SBA) Paycheck Protection Program (PPP), which provides forgivable loans to small businesses that keep all employees on their payroll for at least eight weeks. The firms began issuing the loans today.
Is this the dawn of a new era of opportunity for fintech?
" This is where fintech firms can shine"
For Michael Sury, lecturer in finance at the University of Texas at Austin and director of the Financial Analytics Program and the Center for Analytics and Transformative Technologies, the answer is yes.
Michael Sury, lecturer in finance at the University of Texas at Austin and director of the Financial Analytics Program and the Center for Analytics and Transformative Technologies.
"It's clear that the banks are totally overwhelmed with trying to process record loan and credit facility volumes, but this is where FinTech firms can shine. In many cases, their core competence is precisely in managing and processing information—which is critical to getting funds to where they are desperately needed."
Some fintech firms, recognizing this opportunity, strode a few steps ahead of the United States government--TechCrunch reported that Square, Paypal, and Intuit lobbied for weeks before the United States finally made the decision to allow them to participate in the loan distribution process--and while PayPal has forayed into the world of small business loans in the past, Intuit and Square are new to the scene.
2015 Fintech: "We're going to put banks out of business."
And perhaps this is a sort of 'breakout moment' for fintech companies in terms of building relationships with the United States government. Speaking on CNN about the decision to allow the three companies to facilitate the distribution of SBA loans, Karen G. Mills, a senior fellow at Harvard Business School and former administrator of the US SBA, said that "I think that this is going to be the week that we see fintech come in and maybe even save the day."
"The next two weeks are critical for America's small business owners--as you know, they have really been struggling; they only have about three or four weeks of cash on hand, and they've been closed for that period of time [already]," she explained.
"You saw it in the unemployment numbers...these are half of America's jobs. So, we did have one week of the plan so far, and as you said, it was bumpy--banks are not known for moving quickly, and this is $349 billion worth [of stimulus cash]."
Still, the bottleneck effect is going strong: "people are applying; [the SBA] says they've got about $200 billion approved--but only about 1% seems to be flowing into the hands of small businesses. So, the question is, what are we going to do to get the money out there?'
FinTech could ease the stimulus bottleneck effect
This is exactly where Square, Paypal, and Intuit enter the mix.
Indeed, Kevin Olsen, senior vice president of payments solutions platform VSoft, told Finance Magnates that, of course, "as far as funding goes, that's on the government."
"However, what fintechs can do here is very similar to the conversation we have about processing more generally. Technology makes things easier, faster, and more efficient. The bottleneck that has been exposed here for small businesses and consumers alike is that processing issue," he said.
Loans are being applied for by the thousands, but very little money is actually being distributed at this time. The SBA simply cannot process and issue all of these loans fast enough. The fintech industry, as a whole, ultimately makes that process easier."
"This is all consistent with a major emphasis on digital access and enablement."
What does this look like on a practical level?
Brian Drozdowicz, manager of customer acquisition and growth solutions at Bottomline Technologies, explained to Finance Magnates that "since the PPP program is so new and unique, most lenders did not have a purpose-built solution in place and standing up a new digital experience can take months to enable. This an opportunity for their fintech partners can come in to help."
Brian Drozdowicz, manager of customer acquisition and growth solutions at Bottomline Technologies.
Drozdowicz also explained that while the need to quickly distribute the stimulus has expedited the urgent economic situation at hand, the process of integrating fintech solutions into the banking system in the United States has been going on for some time.
"This is all consistent with a major emphasis on digital access and enablement," he said. However, now, "there's a sense of urgency around small business account opening and onboarding, especially as many SMBs begin to see loans come through."
Drozdowicz also pointed out that "now, we're beginning to see the impact of branch closures"--that while the facilitation of stimulus distribution is a considerable challenge in and of itself, small businesses that normally depend on in-branch banking services may have been high and dry.
"Since many small businesses have been dependent on physical branches for service and access to credit, this digital capability is even more essential in the current environment due to temporary branch closures and social distancing guidelines," Drozdowicz explained.
As bank branch closures proliferate, fintech firms can fill other gaps in the American economy
Therefore, while facilitating the flow of stimulus cash may be the most significant task at hand, fintech firms also have a host of other opportunities to serve clients who may be left without the banking services that they are normally accustomed to.
Indeed, "FinTech can offer other solutions as well," Michael Sury explained. "They can increase the number of options available and streamline the process for raising capital beyond just traditional bank loans. They can automate and integrate finance and accounting functions, which are essential to the success of any small business, including managing invoices and receipts, HR, cash flows, and taxes."
"Other FinTech firms can also help develop and manage insurance and retirement solutions," he added.
Brian Drozdowicz also explained that "there is also a real need for liquidity and cash management controls, more robust cash flow reporting, payroll and invoicing, digital payments and potentially real-time payments, all of which require digital solutions that can be done remotely and paperless."
"Technology providers can have a major impact in all of these areas with their bank partners, offering and interconnecting many of the features required in rapid response situations—where time-to-market matters."
There have also been some positive "side effects" of the introduction of fintech platforms into the SBA lending zone: fintech solutions have the potential to "reduce fraud by including integrated risk and compliance capabilities that help streamline and secure the process for lenders and borrowers."
Bottomline itself is also "providing our digital account opening solution along with the loan application platform, which allows lenders to choose open new deposit accounts as well."
" This is an important problem that needs solving."
Still, time is of the essence.
"The next week is indeed a critical time window because many small businesses already run on very low liquidity (i.e., keep very low cash balances)," Michael Sury said.
"If the logjam of funds that have already been earmarked for small businesses does not clear up, we may see a record number of business closures.
"As it is, Congress will very likely need to approve additional funds to keep these businesses in operation. Given the generally accepted maxim that 'small businesses are the backbone of America,' this is an important problem that needs solving. And FinTech solutions can address it."
The United States government announced several weeks ago a plan to distribute billions of dollars in stimulus checks to individual Americans and small businesses across the country. However, the distribution of the stimulus seems to have been easier said than done.
Indeed, banks across the country have either struggled to meet the demands that have been placed on them by the federal government or have been slow to start their participation in the distribution program.
Indeed, the Washington Post reported in early April that small business owners seeking coronavirus-related loans have "encounter[ed] chaos and a slew of questions.", and that the "banks expected to distribute the loans, including some major names, won't yet participate in the program."
And the banks aren't necessarily to blame: Consumer Bankers Association chief Richard Hunt said in a statement earlier this month that "having just received guidance outlining how to implement a $349 billion program literally hours before it starts, we would ask for everyone to be patient as banks move heaven and earth to get a system in place and running to help America's small businesses and the millions of men and women who work at them."
This seems to be the primary reason that the US government made a quick turn toward the fintech industry: on Monday, the United States government made the decision to approve Paypal, Intuit, and Square as participants int he US Small Business Administration's (SBA) Paycheck Protection Program (PPP), which provides forgivable loans to small businesses that keep all employees on their payroll for at least eight weeks. The firms began issuing the loans today.
Is this the dawn of a new era of opportunity for fintech?
" This is where fintech firms can shine"
For Michael Sury, lecturer in finance at the University of Texas at Austin and director of the Financial Analytics Program and the Center for Analytics and Transformative Technologies, the answer is yes.
Michael Sury, lecturer in finance at the University of Texas at Austin and director of the Financial Analytics Program and the Center for Analytics and Transformative Technologies.
"It's clear that the banks are totally overwhelmed with trying to process record loan and credit facility volumes, but this is where FinTech firms can shine. In many cases, their core competence is precisely in managing and processing information—which is critical to getting funds to where they are desperately needed."
Some fintech firms, recognizing this opportunity, strode a few steps ahead of the United States government--TechCrunch reported that Square, Paypal, and Intuit lobbied for weeks before the United States finally made the decision to allow them to participate in the loan distribution process--and while PayPal has forayed into the world of small business loans in the past, Intuit and Square are new to the scene.
2015 Fintech: "We're going to put banks out of business."
And perhaps this is a sort of 'breakout moment' for fintech companies in terms of building relationships with the United States government. Speaking on CNN about the decision to allow the three companies to facilitate the distribution of SBA loans, Karen G. Mills, a senior fellow at Harvard Business School and former administrator of the US SBA, said that "I think that this is going to be the week that we see fintech come in and maybe even save the day."
"The next two weeks are critical for America's small business owners--as you know, they have really been struggling; they only have about three or four weeks of cash on hand, and they've been closed for that period of time [already]," she explained.
"You saw it in the unemployment numbers...these are half of America's jobs. So, we did have one week of the plan so far, and as you said, it was bumpy--banks are not known for moving quickly, and this is $349 billion worth [of stimulus cash]."
Still, the bottleneck effect is going strong: "people are applying; [the SBA] says they've got about $200 billion approved--but only about 1% seems to be flowing into the hands of small businesses. So, the question is, what are we going to do to get the money out there?'
FinTech could ease the stimulus bottleneck effect
This is exactly where Square, Paypal, and Intuit enter the mix.
Indeed, Kevin Olsen, senior vice president of payments solutions platform VSoft, told Finance Magnates that, of course, "as far as funding goes, that's on the government."
"However, what fintechs can do here is very similar to the conversation we have about processing more generally. Technology makes things easier, faster, and more efficient. The bottleneck that has been exposed here for small businesses and consumers alike is that processing issue," he said.
Loans are being applied for by the thousands, but very little money is actually being distributed at this time. The SBA simply cannot process and issue all of these loans fast enough. The fintech industry, as a whole, ultimately makes that process easier."
"This is all consistent with a major emphasis on digital access and enablement."
What does this look like on a practical level?
Brian Drozdowicz, manager of customer acquisition and growth solutions at Bottomline Technologies, explained to Finance Magnates that "since the PPP program is so new and unique, most lenders did not have a purpose-built solution in place and standing up a new digital experience can take months to enable. This an opportunity for their fintech partners can come in to help."
Brian Drozdowicz, manager of customer acquisition and growth solutions at Bottomline Technologies.
Drozdowicz also explained that while the need to quickly distribute the stimulus has expedited the urgent economic situation at hand, the process of integrating fintech solutions into the banking system in the United States has been going on for some time.
"This is all consistent with a major emphasis on digital access and enablement," he said. However, now, "there's a sense of urgency around small business account opening and onboarding, especially as many SMBs begin to see loans come through."
Drozdowicz also pointed out that "now, we're beginning to see the impact of branch closures"--that while the facilitation of stimulus distribution is a considerable challenge in and of itself, small businesses that normally depend on in-branch banking services may have been high and dry.
"Since many small businesses have been dependent on physical branches for service and access to credit, this digital capability is even more essential in the current environment due to temporary branch closures and social distancing guidelines," Drozdowicz explained.
As bank branch closures proliferate, fintech firms can fill other gaps in the American economy
Therefore, while facilitating the flow of stimulus cash may be the most significant task at hand, fintech firms also have a host of other opportunities to serve clients who may be left without the banking services that they are normally accustomed to.
Indeed, "FinTech can offer other solutions as well," Michael Sury explained. "They can increase the number of options available and streamline the process for raising capital beyond just traditional bank loans. They can automate and integrate finance and accounting functions, which are essential to the success of any small business, including managing invoices and receipts, HR, cash flows, and taxes."
"Other FinTech firms can also help develop and manage insurance and retirement solutions," he added.
Brian Drozdowicz also explained that "there is also a real need for liquidity and cash management controls, more robust cash flow reporting, payroll and invoicing, digital payments and potentially real-time payments, all of which require digital solutions that can be done remotely and paperless."
"Technology providers can have a major impact in all of these areas with their bank partners, offering and interconnecting many of the features required in rapid response situations—where time-to-market matters."
There have also been some positive "side effects" of the introduction of fintech platforms into the SBA lending zone: fintech solutions have the potential to "reduce fraud by including integrated risk and compliance capabilities that help streamline and secure the process for lenders and borrowers."
Bottomline itself is also "providing our digital account opening solution along with the loan application platform, which allows lenders to choose open new deposit accounts as well."
" This is an important problem that needs solving."
Still, time is of the essence.
"The next week is indeed a critical time window because many small businesses already run on very low liquidity (i.e., keep very low cash balances)," Michael Sury said.
"If the logjam of funds that have already been earmarked for small businesses does not clear up, we may see a record number of business closures.
"As it is, Congress will very likely need to approve additional funds to keep these businesses in operation. Given the generally accepted maxim that 'small businesses are the backbone of America,' this is an important problem that needs solving. And FinTech solutions can address it."
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
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Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
