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The owner of The Shuckery in Petaluma, Calif., says she was unable to get a Paycheck Protection Program loan until she responded to an email from the delivery service and BlueVine.
Heritage Bank and Dime Community Bank are among those financial services firms taking online and app-store reviews seriously. Here’s why all banks should pay attention.
"We can control our destiny," says Colin Walsh, CEO of the challenger bank, which spent more than three years seeking to become a full-fledged bank.
Banks, data aggregators and fintechs have clashed for a decade over how consumers’ bank account data should be shared with third parties. The agency says it will offer a plan, and industry officials have plenty of suggestions already.
The pioneering online lender had long struggled to live up to the hype that drove its early growth, even before the pandemic pushed it to the brink.
Finding loan forgiveness programs and keep-the-change loan paydowns are examples of services startups like Savi, Summer and FutureFuel.io are offering banks to help borrowers manage their monthly payments.
The IBM-BNP collaboration and other new developments show that high-profile breaches haven't deterred banks from using the cloud to store data.
The online lender has already branched out into facilitating payments and analyzing cash flow for small-business customers. Its new checking account is meant to round out those services.
Business models and adaptability will determine the success — or failure — of financial technology companies as they deal with fallout from the coronavirus outbreak.