Digital Banking 2020

Banks are augmenting their use of masks, distance markers and the like with apps to notify employees of exposure to infected individuals and technology meant to make branch visits safer.

BofA, which has applied for or been granted thousands of patents, has been working recently on technologies that analyze spending patterns to give budgeting advice and use augmented reality to provide estate-planning services.

U.S. Bank and Regions revamped their apps with accessibility in mind; JPMorgan Chase built a branch for customers who are deaf. Such efforts can help banks appeal to more customers in existing markets.

Many community banks, like Peoples Community in Wisconsin, say they proceeded despite the technological challenges presented by social distancing because the crisis has exposed the shortcomings of their digital systems.

The fintech Wealthfront's latest wrinkle gives clients a high level of control over their money, including the ability to set automatic transfers to savings accounts or exchange-traded funds.

BBVA and U.S. Bank are fine-tuning the search functions on their sites and apps to improve navigation, sales and customer retention.

Banks that work with the data aggregator will tell it when account updates are ready, so it can refresh fintech (or bank) apps immediately.

Caitlin Long, a former Morgan Stanley and Credit Suisse managing director, is starting a special-purpose depository institution that will provide payment and custody services to institutional investors and corporate treasurers.

The bank is making continuous improvements, including integrating Merrill Lynch accounts into its banking app and adding a security feature to Zelle.

Bank of America and Clinton Savings Bank in Massachusetts are targeting consumers at a young age and hoping to keep them for life.