Digital Banking 2020

The mobile banking and paperless habits bank customers picked up during the pandemic are here to stay, and financial institutions are working to strengthen their digital offerings, speakers at an American Banker conference said.

Sells, American Banker's Digital Banker of the Year for 2020, says he will help the New York fintech startup create digital currency products for banks.

Montecito Bank in California began streamlining originations after a natural disaster decimated its community in 2018. The move paid off when the COVID-19 crisis hit and the bank had to quickly step up efforts to help clients.

Webster Bank and Customers Bank are among the lenders that have turned to alternative data sources and automated loan reviews to assess business customers' ability to weather the coronavirus pandemic.

The tech firm spun off by Avant, which licenses its lending software to banks, has now raised $140 million this year.

The challenger bank aimed at Gen Z and counts singers, sports professionals, a social media personality and fintech executives among its investors.

As it does with savings, Digit's algorithm calculates how much users can siphon off their earnings into retirement without missing the funds.

Like LendUp, a small-dollar lender, Ahead Financials is targeting consumers who are gainfully employed but have blemished credit histories.

The 5-year-old company, which recently raised $131 million, says its strong growth reflects the timeliness of its mission: helping consumers who live paycheck to paycheck build wealth.

Shawn Rose, chief digital officer, and Holly Pontisso, vice president of customer experience at Scotiabank at Toronto, share how they have adapted their digital offerings for people over 50, including making sure ageist attitudes don’t creep into digital channels or messaging.

The megabank and community bank recently announced they're offering accounts through the payment app. Both gave similar reasons: They need big tech to help them attract new customers.

Daylight's initial product lineup includes a prepaid debit card with the customer’s chosen name and educational content around issues unique to LGBT households.

The company's new relationship with Billshark highlights its quest for partners that can deliver financial management products to complement its banking services.

The startup, created in partnership with conversational AI platform LivePerson, will encourage users to send sums of money to strangers.

The two companies have worked together to provide a banking app that community banks can implement and deploy in 30 days.

A recent survey by the American Bankers Association found that mobile apps surpassed online banking as the go-to platform for consumers earlier this year, and its popularity has continued to rise since the onset of the pandemic.

The challenger bank will start by recommending how much users should allocate toward savings and spending, and will later transfer those amounts automatically.

Financial institutions like Ally Financial, Clinton Savings Bank and First National Bank of Omaha are recruiting personal finance experts, college students and local personalities to promote their products and services.

The fintech startup, which originally helped users cancel duplicate subscriptions, now wants to encourage healthier financial practices.

Scammers may have had more success at duping fintechs than banks in obtaining Paycheck Protection Program loans. But there are reasons for this apparent disparity.