The Paycheck Protection Program (PPP) has been a cornerstone of the U.S. government’s relief efforts for small businesses suffering from the economic impacts of COVID-19.
Since the Paycheck Protection Program’s (PPP) inception in April, lenders throughout the country have scrambled to direct the program’s unprecedented $660 billion of relief to small businesses in need. The results have been tremendous: almost 5 million loans originated and 51 million jobs supported, equating to more than 14 years’ worth of small business lending in just a matter of months.
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As consumers have adopted third-party digital apps and services to better manage their financial lives, open finance has become a critical digital transformation priority for financial institutions. Today, it’s more important than ever before with almost two-thirds of consumers globally using at least one fintech app and an increased amount of financial activity happening digitally in the midst of COVID-19.
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This post was originally published on the Salesforce blog.
Banking providers around the world are helping millions of people and small businesses manage tremendous financial uncertainty amid COVID-19. Though banks have risen to the challenge with remarkable ingenuity, the crisis underscores the need for them to accelerate their digital transformations.
The success of chief information officers (CIOs) and IT departments in the banking industry is critical to delivering the financial support that’s so desperately needed to withstand the economic impacts of COVID-19.
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The global lockdown has forced society to rely more heavily than ever on digital channels in 2020. Those who still preferred face-to-face interaction in a branch setting to the convenience of going online have been forced to adapt and learn new habits. In the financial services sector, UK bank Halifax reported seeing the number of online transactions made by over-65’s doubling during the lockdown, giving one clear example of the extent of this impact.
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Businesses of all industries and sizes can understand the growing importance of a single, unified customer view. Financial institutions in particular are realizing the advantages of an aggregated representation of customers’ personal data and behavior such as previous interactions, history, purchases, etc. to better serve their customers.
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Discover the top five insights realized by IT leaders in financial services organizations as they undergo digital transformation.
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How can banks operating on a 20th century business model adequately service customers with 21st century expectations?
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It’s conference season, and this year we hosted Sibos in Sydney. Amongst the hot topics were Australia’s New Payments Platform (NPP), open banking and marketplace banking. In this post I share the top insights and trends emerging in the financial industry.
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