Many sectors are concerned about making money in an economic downturn, but those fears are higher in the financial sector, according to a study from Arizent.
U.S. Bank and Regions revamped their apps with accessibility in mind; JPMorgan Chase built a branch for customers who are deaf. Such efforts can help banks appeal to more customers in existing markets.
Late fees on loan payments and late-arriving documents tied to forbearance and loan forgiveness are just some examples of how delays caused by cutbacks at the U.S. Postal Service could affect lenders and their customers.
An internally built system called Advanced Listening analyzes phone calls, emails, text messages and more, identifying possible compliance violations, systemic issues and opportunities to improve processes, products and customer service.
Business owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher.
Digital banking has ramped up during the coronavirus lockdown but customers will seek somewhere to go as cities reopen. A branch could provide that safe haven.
Often overlooked in narratives about essential workers, branch and call-center employees are responding to challenges posed by the COVID-19 crisis. They’ve processed emergency-relief loans late into the night, coached customers unfamiliar with mobile banking and made house calls to elderly account holders.
Regional and midsize banks, which continue to trail the biggest banks in digital engagement, could attract younger consumers by reaching out with more advice about financial basics, according to J.D. Power.
