SMBTech Summit 2020 - Intersection of SMB & Fintech

TL;DR

Square and Fast are leading the charge in transforming SMB technology, offering one-click checkout solutions to businesses and driving digital transformation.

Transcript

great okay next up we've got a great discussion with jackie lisa and allison var allen super excited to have you both here today um you know we've heard from a lot of smb tech leaders this morning and i think it will offer a really unique um you've had incredible success at square and allison you're doing really awesome things fast and as i said yo... Read More

Key Insights

• 🪡 The COVID-19 pandemic has accelerated the need for SMBs to adopt technology and prioritize online presence.
• ❓ SMBs are seeking solutions that enable omnichannel commerce and provide a frictionless checkout process.
• 👨‍💼 Data is a powerful tool for SMBs, and leveraging it can drive business growth and efficiency.
• 💨 Fast is revolutionizing the checkout process with its one-click solution, while Square intends to disrupt the banking industry.

Questions & Answers

Q: How has COVID-19 impacted the attitudes of SMBs towards technology adoption?

The pandemic has forced SMBs to prioritize online technologies, shift to contactless payments, and embrace mobility and agility. It has pushed them to explore new options for survival and efficiency.

Q: What are the key priorities for SMBs when it comes to technology adoption?

SMBs are focused on omnichannel commerce, aiming for a single platform for seamless buying experiences, and ease of execution in the checkout process. They want to eliminate friction and provide a smooth transaction for customers.

Q: How can SMBs educate themselves on the power of data in driving business growth?

SMBs can start by asking questions and seeking feedback from other entrepreneurs. Building relationships with experienced businesses and leveraging word-of-mouth can offer valuable insights. Additionally, online tutorials and resources from tech companies can provide guidance.

Q: Where do Square and Fast see themselves expanding beyond their current offerings?

Fast aims to integrate with other ecommerce platforms like WooCommerce and become a centralized source of truth for customer data. They also plan to enhance the post-purchase experience by offering features like returns and refunds. Square sees opportunities in disrupting outdated banking systems and solving micro problems in the industry.

Summary & Key Takeaways

• Jackie Reese, previously from Square, and Allison Barr Allen, CEO of Fast, discuss their experiences in SMB technology and the opportunities they see for small businesses.

• COVID-19 has accelerated the adoption of technology among SMBs, pushing them to prioritize online presence and embrace digital payment solutions.

• Fast has launched a one-click checkout solution on BigCommerce, with plans to integrate with additional ecommerce platforms and expand its offering to include identity management and post-purchase experiences.