10XTS CEO Michael Hiles’ testimony before the full U.S. House Committee on Small Business, September 9th, 2020. Mr. Hiles discusses the evolution of financial and regulatory technology, the impact of banking partners on SBA programs, the current state of the market in traditional banking vs. fintechs, and solutions to reduce significant risk and redundancy in information management within the agency.
Trust-enabling technologies like blockchain can now secure and automate financial records about identities, entities, assets, and transactions like lending and payments. Michael’s remarks focus on:
- How the SBA is negatively impacted by the current tidal wave of disruption in the financial services industry;
- Why the legacy financial services industry is struggling with technology;
- How the expectations of younger consumers are changing the nature of banking and ultimately the future of how small business borrowing will work; and
- Recommendations about how the Administration and Congress can facilitate digital transformation and operational efficiency and excellence.
Watch the full hearing: https://www.youtube.com/watch?v=33AhaUOXf9o