Integrating Technology into CDFI Small Business Lending: The Real Deal

The last decade has seen a strong push to integrate new financial technologies into CDFI small business lending — a push exacerbated by the advent of the COVID-19 pandemic. Most CDFI small business lenders have begun the integration process, but found it challenging to fully access and reap the benefits of technology in finance (not to mention fintech). This shouldn’t be surprising — experiences with technology across other industries and sectors could have predicted the hurdles to wide-scale adoption and successful implementation. This session identifies the critical issues the CDFI industry — and, crucially, its funders and investors — must address if they are to create value from/reap the benefits of technology: What is Total Cost of Ownership and why does it matter for technology tactical and strategic planning? Policy, process, or technology — which comes first and why? Why/how is scale important in realizing the benefits of technology? How do private and public funding practices create challenges, and what can be done to improve? This conversation features Business Ownership Initiative (BOI) Senior Director Joyce Klein and BOI Senior Fellow Tim Ogden. This webinar was developed as part of the Global Inclusive Growth Partnership, a collaboration between the Aspen Institute and the Mastercard Center for Inclusive Growth. For more resources from this event, including downloadable slides and transcript, visit our website: https://www.aspeninstitute.org/events/integrating-technology-into-cdfi-small-business-lending-the-real-deal/