Peter Rudegeair

speaker

756 appearances 12 recordings 1 series first heard Nov 2017 last heard May 2021

Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Small Businesses Turn to Small Banks to Apply for PPP Loans · 3 Aug 2020 podcast

So technology is probably the biggest one, right?

Biggest banks spend billions of dollars every year on their mobile apps, on their online banking tools, businesses that can kind of take pictures of checks and deposit them remotely, that can manage a lot of their accounting software, directly integrates to the bigger banks.

That's stuff that a lot of business owners take for granted.

Smaller banks often don't even build their own technology.

They're reliant on outside vendors to do it for them.

And because of that, some of the businesses we spoke to in the story, you know, had a bit of a come down in their digital capabilities with their smaller banks.

I talked to one business owner that with QuickBooks Capital One, her old bank integrated automatically with it.

All the transactions were automated.

you know imported to quickbooks and now with a new bank she has to do that by hand and manually input every transaction so there is a trade-off but um you know again a lot of people think that technology isn't everything right that even if a great website and a great digital app doesn't mean a lot if there's not customer service or not an interest in that big bank to you know help them in their time of need so there definitely is a trade-off in terms of what smaller banks and banks offer

Almost 30% of businesses that got a PPP loan got it from a bank or a lender that wasn't their primary one, right?

So almost, you know, three out of every 10 recipients had to go elsewhere.

And of those that actually got a PPP loan from a bank that wasn't their primary one, almost half said they would move at least some of their business to the new one.

And small banks really embraced that and saw it as a chance to win new business.

What we haven't talked about is a lot of the big banks, you know, expecting that they would be deluged with applications, kind of try to triage that a little bit and put, you know, requirements on top of what the government did for PPP.

So most of them said, you must be an existing customer, right?

You must have a savings account here as of February.

Some even went farther and said, you must be a borrower.

You must have a loan with us.

And a lot of companies that had those wrong relationships that may have run their business out of a personal checking account and not a business account that may not have an outstanding loan were kind of shut out and had to find a new partner.

And what small banks did was say, we'll take all comers.

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