The competition has leading-edge technology, but consumers may be looking for more than just bells and whistles when choosing where to do their banking.
Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick.
A survey conducted by Harris Poll and commissioned by Plaid found that 60% of U.S. adults are using more apps to manage money since the onset of the pandemic.
Banks are augmenting their use of masks, distance markers and the like with apps to notify employees of exposure to infected individuals and technology meant to make branch visits safer.
BofA, which has applied for or been granted thousands of patents, has been working recently on technologies that analyze spending patterns to give budgeting advice and use augmented reality to provide estate-planning services.
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.
How Bank of America plans to stay ahead of the pack in digital banking; Wells Fargo gets top marks for COVID-19 safety; PPP lenders nearing $10B asset mark fear regulatory ordeal; and more from this week’s most-read stories.
Texas Trust Credit Union boosted loan volumes with marketing tool inspired by “Game of Thrones,” but gamification strategies can be risky due to data privacy concerns.
Many community banks, like Peoples Community in Wisconsin, say they proceeded despite the technological challenges presented by social distancing because the crisis has exposed the shortcomings of their digital systems.
