Coronavirus

The Evolution of Payments Following a Global Pandemic

The Evolution of Payments Following a Global Pandemic

It’s 2022 and people around the world are finding a ‘new normal’, with employees commuting to work and roads and public transport are busy once again. Consumers are spending more confidently with retailers once again. After a continued global effort to flatten the curve and months of social distancing, life is slowly returning to normality.

Read More
Big U.S. Banks Predict More Economic Pain From Coronavirus

Big U.S. Banks Predict More Economic Pain From Coronavirus

NEW YORK (Reuters) – Three of the largest U.S. banks said on Tuesday they had set aside a whopping $28 billion for loan losses, in a stark reminder that much of the economic pain from the coronavirus pandemic is still to come.

Read More
Don’t Use Coronavirus as Excuse to Close Branches, OCC Says

Don’t Use Coronavirus as Excuse to Close Branches, OCC Says

Dive Brief: Banks should not be using the coronavirus pandemic as a cover to shutter branches, the acting head of the Office of the Comptroller of the Currency (OCC) told the Financial Times.

Read More
6 Ways the Coronavirus Has Changed Credit Unions

6 Ways the Coronavirus Has Changed Credit Unions

Credit unions have had to scramble to adjust to the fallout from the coronavirus as it became widespread in March. Employees at Jax Federal Credit Union now wear masks on the job to help protect against the coronavirus.

Read More
The Coronavirus is Pushing Wider Acceptance of Contactless Payments

The Coronavirus is Pushing Wider Acceptance of Contactless Payments

Diana Gamboa was in the middle of the busy tax preparation season when the COVID-19 outbreak forced her business, Diana’s Tax Services, into shutdown. As she contemplated a late April reopening, Gamboa knew she would need to change a few things.

Read More
post thumbnail

COVID-19 Accelerates Urgency for Digital Banking Transformation

Banks and credit unions will need to increasingly leverage data, innovation and a platform business model to deliver digital banking solutions. The post COVID-19 Accelerates Urgency For Digital Banking Transformation appeared first on The Financial Brand.

Read More
Coronavirus Fuels Shift to Contactless Payments Methods

Coronavirus Fuels Shift to Contactless Payments Methods

As health officials around the globe seek to contain the novel coronavirus that causes COVID-19, economies and citizens remain unsettled.

Read More
Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds

Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds

The Financial Crimes Enforcement Network, a U.S. Treasury Department bureau focusing on combating illicit finance, alerted financial institutions to an increase in Covid-19-related scams in an advisory this week.

Read More
1 in 5 Small Businesses Don’t Accept Digital Payment, During COVID-19

1 in 5 Small Businesses Don’t Accept Digital Payment, During COVID-19

Consumers Have Rushed to Digital Payment Options Such as Paypal and Venmo to Avoid the Spread of COVID-19 During Transactions, but 19% of Small Businesses Can’t Accept These Payments. Small Businesses Struggling to Stay Afloat Should Accommodate New Customer Preferences by Adopting Cashless Payment Options. 19% of U.S.

Read More
Coronavirus Boosts Online Banking, Payments Usage in the US

Coronavirus Boosts Online Banking, Payments Usage in the US

US bank branches are still shuttered amid the pandemic, but consumers are more likely to conduct their banking online, according to recent research. An April 2020 William Mills Agency survey conducted by The Harris Poll found that 73% of US adults were more likely to leverage digital banking and payments while social distancing.

Read More
Ecommerce Trends in Charts During the Coronavirus Pandemic

Ecommerce Trends in Charts During the Coronavirus Pandemic

The coronavirus pandemic’s widespread impact in the U.S. in mid-March has disrupted retail—and ecommerce in particular. Some retail categories, like online grocery and food, flourished with shelter-at-home restrictions, while categories like apparel suffered.

Read More
Pandemic Gives Traditional Banks a Rare Chance to Catch Up Digitally

Pandemic Gives Traditional Banks a Rare Chance to Catch Up Digitally

While the economic impact of the coronavirus pandemic is expected to sharply curtail banking profits, its ripple effects could enable incumbent institutions to reduce the innovation gap with fintechs and the largest banks.

Read More