The Abandoned Fintech Customer Base
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Presentation Description
Last year a record 5.4 million small businesses were formed as people sought to take control of their own career paths and become their own boss. That means there were 5.4 million opportunities for fintech providers to help these entrepreneurs when they needed it most - at the very beginning of their business journey. Yet, every single one of them was abandoned by fintechs in favor of more stable, higher revenue SMBs, continuing the pattern of running from small businesses at their most vulnerable stage because data shows that most new businesses fail.
Early stage businesses are underserved in a crowded market, and don’t have the same needs or support as larger businesses. These brave new business owners need financial tools to help them grow and become successful, and right now, no fintech solution makes it easy for them. Instead they are forced to stitch together different fintech products, racking up fees (and headaches) along the way. This session will cover why the fintech industry needs to find viable models that help these early-stage business owners be successful.
Early stage businesses are underserved in a crowded market, and don’t have the same needs or support as larger businesses. These brave new business owners need financial tools to help them grow and become successful, and right now, no fintech solution makes it easy for them. Instead they are forced to stitch together different fintech products, racking up fees (and headaches) along the way. This session will cover why the fintech industry needs to find viable models that help these early-stage business owners be successful.
Derek Singleton Biography
Derek Singleton is a Product leader who has spent the past decade building software designed to help small businesses run and grow. At ZenBusiness Derek is responsible for all aspects of the company’s financial products and is focused on building a one-stop shop that is customized to the unique needs of newly minted businesses. Prior to ZenBusiness, he previously led a Product Strategy group at Gartner that managed a multi-brand portfolio of marketplace products that helped 100 million visitors in 60 countries and 7 languages find and select the right software for their business each year.