If I had a nickel for every time I was asked this question…. 💰💰💰
To be fair, it’s a totally legitimate question. I didn’t major in finance. I deliberately stayed away from banking recruitment while in university. The banking system is rarely a topic I bring up in conversation. So point taken… why did I choose banking?
Ironically, it’s not about banking at all. It’s about what banking allows people and businesses to do. It’s about empowerment. Banking, done right, can make it easier for small businesses to face the challenges of staying afloat and ultimately thrive. In many ways, it’s about bringing banking back to a place where it held a different role in the lives of small business owners. A bank was once the champion of the small business owner. It made their lives easier and their companies successful. Businesses still need that champion, but today’s banks have passed the buck of financial admin to business owners, and it costs business owners big time. By adding services beyond basic transactional data, we can empower business owners to take charge of their financial health and ultimately reduce the barriers to entrepreneurship in America.
America needs SMBs to succeed. They are the backbone of the economy and they play a critical role we too often take for granted. Almost 80% of SMBs that fail are due to poor cash flow management. These businesses provide goods and services in the swankiest streets of our big cities, but also on the dusty roads of our countryside. They provide opportunities to people from all walks of life, build communities, and pave the way for future entrepreneurs. They are one of our best shots at reversing the widening income inequality gap that has emerged over the past few decades and we need to support them by providing tools that make financial admin a piece of cake.
The last decade has seen the emergence of new technologies, business models, and customer behaviors that have opened the door for banks to serve customers well like never before. Getting this right is NorthOne’s mission.