With the Next Phase of PPP Undecided, Here’s What Banks Can Do to Prepare
Limbo is a tough place to be. Yet that’s where lenders find themselves as Congress debates a new round of stimulus packages that could impact the Paycheck Protection Program (PPP) forgiveness phase. As banks await the final details of the legislation, they can use the time to ready their lending operations for greater flexibility and […]Read More
Don’t Give Up On the Main Street Lending Program Just Yet
By all accounts, the Federal Reserve’s Main Street Lending Program for small and medium-size businesses (SMB) has not been the type of rescue program many anticipated. Launched in April, the program did not make its first loan until July. The Main Street program has suffered from comparison with the Paycheck Protection Program (PPP), even though […]Read More
For Banks, Supporting Small Businesses in the Pandemic Goes Well Beyond Lending
The impact of the pandemic on small businesses has spurred changes in banks’ lending practices – but the upheaval hasn’t stopped there. While the shifts underway in functions such as trade finance and mortgages are typically more nuanced, they speak to how important small- and medium-sized businesses (SMB) are to banks – and how critical […]Read More
Is Small-Business Lending Slipping Away from Large Banks?
COVID-19 changed the stakes in small-business lending: While the top four banks provided 36% of small-business loans before the pandemic, they disbursed a scant 3% in the first round of the CARES Act Paycheck Protection Program (PPP). As large banks fumbled their PPP response, fintechs and smaller lenders stepped in to fill the gap. Online […]Read More
How Banks Can Speed Small-Business Recovery in the Post-Pandemic Economy
As someone who has spent his entire career in banking and financial services – and who currently lives in one of the largest U.S. banking markets – it’s good to see that banks are part of the solution for the $2.2 trillion (yes, trillion with a “T”) CARES Act for combating the adverse economic impact […]Read More
What is Customer Experience and Why Should Banks Really Care?
In the banking and financial services industry, customer experience often has been described as “generic,” “choppy” and “non-intuitive.” But today, the sector finally seems to be “getting it.” They are changing their approach to create a more engaging, relevant and proactive customer experience. Even today, much of the banking customer experience centers on tasks rather than relationship-building and […]Read More