With no way of knowing just how many borrowers will need the mods after the coronavirus forbearance period ends, lenders are deploying artificial intelligence and servicing protocols to tame the ferocious piles of paperwork awaiting them.
The global e-commerce site is rolling out a suite of banking tools for its growing U.S. user base later this year that will help them bank and manage their businesses all in one spot.
Oxygen helps customers obtain business licenses and separate their personal and business lives. Its says its services will be in demand as the pandemic accelerates a shift away from traditional jobs.
Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic.
Late approval and delayed access to the Fed’s liquidity facility have forced fintechs to play catch-up in the Paycheck Protection Program. A strong finish could bolster their case for becoming full-fledged Small Business Administration lenders.
The startup, which had already been offering unsecured loans to newcomers to the U.S., is working with technology and banking partners to offer them deposit accounts and debit cards.
Frank Bisgnano, who engineered a technology-driven recovery at First Data before it was acquired by Fiserv last year, will shortly take Fiserv's top job as the company forges its coronavirus strategy.
