Customers are turning to search engines and business portals to find out if their bank is open before checking the bank’s own website. Maintaining accurate information across the web has become even more important during the pandemic.
Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.
In announcing its plan to offer a deposit account and debit card in partnership with SoFi, the mobile phone maker suggested that the coronavirus pandemic will accelerate consumers’ adoption of contactless payments.
Consumer response to banking by smart speaker has been underwhelming. But a handful of financial institutions keep plugging away in hopes customers warm to the advantages of verbal commands instead of pushing buttons.
Silicon Valley giants are better innovators, software developers and data managers, but banks' inherent advantages shouldn't be discounted, says Sonny Singh, a senior vice president at Oracle.
Policymaking has moved at an agonizingly slow speed compared with the exponential growth of technology, leaving regulators and lawmakers facing a huge task over how to keep up.
Digital banking will become less visible because it will be embedded in other daily activities with the help of AI, voice interfaces and other emerging technologies.
