Paul Randall

Paul Randall

Job Title:
Executive Director for Global Solutions
Company:
Creditinfo
Meet Paul Randall

Paul Randall is Executive Director for Global Solutions at Creditinfo, and a veteran of credit risk in emerging markets – many of which have no credit bureau for consumers let alone small businesses. “Ultimately, for the banking sector to thrive, fintech disruptors and traditional institutions such as banks need to collaborate to facilitate the change required in the industry,” he tells Lafferty Group, “particularly with addressing the wider unbanked population and SMEs currently not afforded capital to get their vision off the ground.” Join us for the SME Business Banking Fintech Forum to hear directly from Paul and our other great speakers as we explore how best to build a new ecosystem for servicing the financial needs of small and medium businesses around the world. .

Buy your tickets to the International SME Business Banking-Fintech Forum 2019 here

We ask Paul Randall the following questions

Why should banks focus on SME Banking?

SMEs play a crucial role in the wider finance sector, which is why NGOs, national governments and commercial lenders in emerging economies specifically are investing in SMEs to boost financial inclusion. In a post-Brexit world, this should also be a lesson to take on board SMEs to build a new industrial base.

Should banks reconcile themselves to being players in the new ecosystem rather than drivers of SME lending?

Ultimately, for the banking sector to thrive, fintech disruptors and traditional institutions such as banks need to collaborate to facilitate the change required in the industry, particularly with addressing the wider unbanked population and SMEs currently not afforded capital to get their vision off the ground.

What potential do you see for Open Banking and PSD2 (and its equivalents in other regions) to drive new possibilities for SME banking?

From a lending point of view, Open Banking brings great benefits to financial institutions. It helps to remove the friction when assessing SME finances, by looking at detailed banking transactions to instantly assess cashflow, typical costs and overheads. In addition, there is a whole universe of new services to help SMEs improve finance management, from automated accounting to taxation, which will definitely help Fintechs tap into the Open Banking opportunity.