AI in Financial Services Podcast Small Business Challenges Through the Lens of Financial Data - with Prasanna Dhore of Fiserv
Jul 15, 2024
Prasanna Dhore, Chief Data Officer at Fiserv, discusses insights from Fiserv's Small Business Index, highlighting the role of small businesses in the economy. Topics include analyzing industry trends, economic impacts, predicting credit crunches, and building confidence in AI systems.
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Small Businesses' Economic Impact
- Small businesses constitute 99% of US businesses and contribute 44% of GDP.
- They employ half of the private workforce and account for a third of consumer spending at small businesses.
Real-Time Small Business Data
- Fiserv tracks actual sales and transaction data from 2 million small businesses in real time.
- This granular data offers a direct, immediate measure of small business health and consumer spending.
Small Business Index Methodology
- Fiserv Small Business Index compares current sales to a 2019 baseline, showing long- and short-term trends.
- This index helps understand sector-specific growth, seasonal effects, and overall business health.