Sally Helm

And maybe that's kind of fine if all you want is a safe place to put your money and an app that works. But these smaller community banks are actually really important for small businesses.

And maybe that's kind of fine if all you want is a safe place to put your money and an app that works. But these smaller community banks are actually really important for small businesses.

Yeah, a little local hot dog stand or new indie bookstore. They're often better off getting a loan from a small community bank. The banker might know this business owner or be willing to work with them to strengthen their plan. That ends up meaning more loans for small businesses. And that's important for like Columbus, Ohio overall, because those businesses can then hire people and pay taxes.

Yeah, a little local hot dog stand or new indie bookstore. They're often better off getting a loan from a small community bank. The banker might know this business owner or be willing to work with them to strengthen their plan. That ends up meaning more loans for small businesses. And that's important for like Columbus, Ohio overall, because those businesses can then hire people and pay taxes.

Yeah, a little local hot dog stand or new indie bookstore. They're often better off getting a loan from a small community bank. The banker might know this business owner or be willing to work with them to strengthen their plan. That ends up meaning more loans for small businesses. And that's important for like Columbus, Ohio overall, because those businesses can then hire people and pay taxes.

To find out why, we went to Kate Judge, professor at Columbia Law School, expert on banking.

To find out why, we went to Kate Judge, professor at Columbia Law School, expert on banking.

To find out why, we went to Kate Judge, professor at Columbia Law School, expert on banking.

Yeah, before the financial crisis in like the 1990s and 2000s, it's like banks, banks, banks, banks, banks all the time. And then boom, 2008 goes off a cliff. Some years, literally zero. There's been a little uptick lately, but it's still way lower than it was.

Yeah, before the financial crisis in like the 1990s and 2000s, it's like banks, banks, banks, banks, banks all the time. And then boom, 2008 goes off a cliff. Some years, literally zero. There's been a little uptick lately, but it's still way lower than it was.

Yeah, before the financial crisis in like the 1990s and 2000s, it's like banks, banks, banks, banks, banks all the time. And then boom, 2008 goes off a cliff. Some years, literally zero. There's been a little uptick lately, but it's still way lower than it was.

Unless your new business is a bank. Then low interest rates make it harder to get started. Banks don't make as much money on loans if interest rates are low. And something else happened after 2008 that would make banking an even harder business.

Unless your new business is a bank. Then low interest rates make it harder to get started. Banks don't make as much money on loans if interest rates are low. And something else happened after 2008 that would make banking an even harder business.

Unless your new business is a bank. Then low interest rates make it harder to get started. Banks don't make as much money on loans if interest rates are low. And something else happened after 2008 that would make banking an even harder business.

Broadly, this new industry is called fintech, financial technology. These are companies like Venmo, Cash App, companies that do bank-like things but are not banks. The rise of these companies increases competition. Banks have to work harder to survive.

Broadly, this new industry is called fintech, financial technology. These are companies like Venmo, Cash App, companies that do bank-like things but are not banks. The rise of these companies increases competition. Banks have to work harder to survive.

Broadly, this new industry is called fintech, financial technology. These are companies like Venmo, Cash App, companies that do bank-like things but are not banks. The rise of these companies increases competition. Banks have to work harder to survive.

Right. Small banks like Fortuna have to pay third-party vendors that help them with cybersecurity. but also with all these other basic online functions like online accounts, a mobile app.

Right. Small banks like Fortuna have to pay third-party vendors that help them with cybersecurity. but also with all these other basic online functions like online accounts, a mobile app.

Right. Small banks like Fortuna have to pay third-party vendors that help them with cybersecurity. but also with all these other basic online functions like online accounts, a mobile app.