Emphasizing the Need for Specialized Financial Services for Small Business Owners
Korea Credit Data announced on the 17th that CEO Kim Dong-ho contributed an article about specialized financial services for small business owners to the official blog of the World Economic Forum (WEF). In the English article titled "Why Small Business Owners Need Finance, Not Mercy," CEO Kim emphasized the necessity and potential of financial services for small business owners.
The article points out the shortcomings of small business owner policies. It argues that worldwide policies target the bottom one-third whose sales are steadily declining, but what the top one-third and middle one-third actually need is finance. However, CEO Kim believes that existing financial institutions fail to provide appropriate financial services to small business owners.
Korea Credit Data provides the management service "Cash Note" to 1.3 million small business establishments nationwide. Based on the management data collected through this service, it is explained that customized financial services can be offered considering the characteristics of the business’s region and industry, life cycle, and sales level. Korea Credit Data is promoting the establishment of a specialized bank for small business owners based on such data.
Through the article, CEO Kim stated, "Due to changes in the data environment, the business value of specialized financial services for small business owners has also changed. A significant number of today’s small business owners are not objects of charity. Now, small business owners have become attractive financial consumers worthy of banks’ dedicated efforts."
The WEF official blog is a platform where businesspeople and intellectuals attending the World Economic Forum express their views on the global direction and propose topics for discussion. Contributors such as Andrew Ng, adjunct professor at Stanford University, former U.S. Treasury Secretary Larry Summers, and Microsoft founder Bill Gates have presented agendas through their articles.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
