The impact of the COVID-19 novel coronavirus has been both global and catastrophic, as both a public health crisis and as a worldwide economic crisis. Dealing with the health risks will continue for a while, but what’s likely to last even longer are the economic effects, and those always have a big impact on the financial services industry. We talk about who’s winning and losing today, and over the long run in a dramatically changing world.

Show Hosts:

JP Nicols

 

Show Guests: Ron Shevlin, Penny Crosman, Jim MarousTOPICS DISCUSSED:[2:30] Are payment processors fairing well during the COVID-19 pandemic?

[4:00] Organizations that were further ahead in digital efforts have been able to be more agile in servicing customers.

[8:02] Ron Shevlin discusses his latest study regarding small business banking. 

[13:30] Jim Marous highlights the importance of being a data-first organization. 

[15:00] We are seeing numerous lawsuits against banks for how they processed PPP loans.

[18:05] Should the government have waited 24-48 hours to roll out the PPP platform?

[21:08] Many small businesses are struggling with the payroll portion of the PPP program. Will they struggle to get forgiveness?

[23:12] Ron Shevlin discusses his article https://www.forbes.com/sites/ronshevlin/2020/05/04/the-looming-paycheck-protection-program-forgiveness-nightmare/#15388a5e2e25

[33:30] What does consolidation in the financial industry look like moving forward?

[40:57] Will we see more deployment and resources reallocated to digital experiences post COVID-19? What does this mean for branches?

[46:50] What is the potential for ITM’s and virtual assistants in the near future?

 

RESOURCES MENTIONED:

Cornerstone Advisors

The Financial Brand 

American Banker

Forbes

Stripe

Square

PayPal

True Accord 

Verizon

TD Bank

Bank of America

 

Show Sponsors:

ExpressVPN

Jack Henry & AssociatesBreaking Banks is the #1 global fintech radio show and podcast, created by Brett King. Tune in for a look at how technology and customer behavior will bring about more changes in banking in the next 10 years, than in the last 200 years. Listen every Thursday at 3pm eastern time, noon pacific on the VoiceAmerica Business Channel. Subscribe at Provoke.fm to hear the show nearly 2 million listeners from 72 countries are raving about.

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Announcer:

Financial technology, or fintech, is one of the fastest growing industries in the world today,