Last year, we introduced Middesk to the world. Google and Facebook were implementing policies to know more about their business customers. Financial institutions were starting to focus on the modernization of commercial banking. Traditional enterprises were just starting to integrate financial services as part of their core business strategy. It seemed like the need to quickly establish trust between businesses at scale was more prevalent than ever. What we didn't expect, was that one year later, a global pandemic would fundamentally impact the stability of virtually every business in the world.
Over the last few months, public and private financial institutions have issued more than 4.5 million small business loans. Through this, we have seen the challenges that banks, lenders, and other financial service providers deal with when determining who they are working with, especially at scale. Credit unions that rely on branch locations to open new accounts continue to be frozen in their tracks. In an effort to minimize compliance and underwriting costs, many large financial institutions limited PPP disbursement to their existing customers, turning away businesses who were in dire need of capital. The tooling and processes that underpin many parts of the financial system today have shown to be ineffective, inefficient, and most importantly, destructive to the end customer experience.
We believe that Middesk has an important voice to play in helping to modernize the way that financial service companies think about their customer relationships. In light of this, we are excited to announce the launch of our blog that will be focused on driving a discussion to shape a new approach. Not just how to do it, or what tools you should use, but content that brings a true understanding of the status quo, where the industry is going, and the technology behind the scenes that makes it all possible. We will shed light on what we believe is going to help Fintechs, Banks, and companies that have to balance B2B trust accelerate their trajectory to a world where compliance and risk management do not have to be at odds with business goals.
In order to define this space, we believe there are three broad areas of focus:
We believe that access to fair and quality data on businesses is a missing piece to solving fundamental risk and compliance questions that not only riddle the current processes, but also bridge the gap for businesses, and ultimately people, that are most in need of financial services, loans, and opportunity.
We understand that establishing trust between businesses is a real and important challenge among B2B companies, and we believe that we are well-positioned to address it head-on.
We work with some of the most innovative companies in the world today. Pair that with our network of advisors, and colleagues, and you have perspective and insight that uniquely captures where we are in time and how Middesk will play a pivotal role. So as the world continues to turn and throw new challenges at all of us, we’re going to start talking while we’re solving.