This personal funding has blurred the line between personal and business finances more than ever.
Current economic conditions will have "a continued adverse effect on our businesses” if they persist or worsen, Bank of America warns.
Cash usage dropped much lower due to the coronavirus pandemic, and it appears that credit cards may be exhibiting some signs of abandonment as well.
Now that its deal with Texas Capital has been called off, Independent Bank in McKinney plans to scale back or exit some commercial lines and will seek to duplicate its retail banking successes in Colorado.
The pressure is on the fintech, which helps banks make digital loans, to stanch its losses and show its lofty market valuation was deserved.
Current, Stoovo and other companies are reaching out with low-cost, low-fee financial services and even tools to help users search for part-time jobs.
BBVA and Rockland Trust have taken a highly numbers-driven approach to branch reopenings. All banks are having to rethink their branch networks during the pandemic and beyond, and analytics software is helping.
A new Small Business Administration notice explains what steps lenders must take to seek approval of their forgiveness decisions under the Paycheck Protection Program. But lenders say lawmakers and regulators must do more to cut red tape.
Lenders need to use alternative data as an overlay to traditional underwriting methods to help creditworthy customers in hardship because of the coronavirus crisis.
CEO Greg Carmichael says the Cincinnati company has cut expenses but will proceed with branch openings in the Southeast and investments in its commercial loan and mortgage origination platforms to lay the groundwork for post-pandemic growth.