Retail & Commercial

As the pandemic speeds digital adoption at financial institutions, the technology giants are pitching products that scan in data from mortgage documents and provide security and compliance controls used by in-house tech developers.

When both origination and forbearance demand spiked in the early weeks of COVID-19, quick thinking lenders were able to leverage their expertise and tech stacks to respond quickly.

Many of the Buffalo, N.Y., bank’s commercial loans have exited forbearance granted in the early days of the pandemic — except hospitality and retail, which were given longer dispensation.

Institutions that cling to outdated lending tools run the risk of being left behind by commercial clients who are barraged with opportunities to borrow faster and more conveniently.

With the sector facing serious headwinds — from declining enrollment during the pandemic to the prospect of a Biden administration making college free for many families — the departure of a major player could be a shot in the arm for the likes of Discover and Sallie Mae.

The media company Urban One has launched a new account that includes a prepaid debit card and encourages customers to buy from Black-owned business and lets them donate their cash back to charity.

The Cincinnati company, one of just a handful of lenders to reduce its cushion against bad credits in the third quarter, was grilled by analysts who suggested it was being too optimistic about the long-term effects of the pandemic recession.

The media company Urban One has launched a new account that includes a prepaid debit card and encourages customers to buy from Black-owned business and lets them donate their cash back to charity.

Banks, lenders, and fintechs have been on a path toward digitizing the mortgage process from end-to-end — long before the term coronavirus entered our daily lexicon. How has the pandemic affected progress?

For the 44.6 million households who rent, coming into the crisis almost 27% were already paying half or more of their monthly income on housing. That meant they had litte ability to save for an emergency, let alone a pandemic that would cause record job losses.