Fintech competitors are playing an important role in the banking landscape during the COVID-19 outbreak.
The U.S. is grappling with heightened uncertainty this week. For retail banking, this includes assessing myriad supply and demand issues to determine if the business and behavioral changes experienced during the pandemic are temporary or permanent.
Despite continued reopening around the country, the prolonged COVID-related disruption and mounting retail bankruptcies are creating much uncertainty about how quickly banks should resume more normal branch operations.
As the country continues to ease COVID-19 restrictions, banks want to know what to expect across different markets when cities begin to reopen.
There are clear patterns emerging to suggest we may see a longer-term evolution in commuter patterns, but some consumers are signaling a desire to return to old habits as bans lift. Banks must be careful not to fumble the opportunity to migrate consumers (and some employees) to digital channels.
The safety and wellbeing of customers and employees are of utmost importance at this difficult time, but the recent dramatic rate cuts will push banks’ management to take meaningful action to operate a sustainable business.
Google is preparing to launch a checking account that is backed by Citigroup and a Stanford University credit union. What does this mean for traditional banking?
Digital acquisition of customers is quickly becoming one of the most important metrics for the U.S. industry, joining the old standards of efficiency ratios, net interest margins and market-to-book. Fintechs have long focused on such metrics. As branches lose foot traffic, digital acquisition is critical to banks as well.