Skip to main content

Banking During and After COVID-19

Before COVID-19, the banking industry was experiencing an unprecedented period of growth and prosperity. Despite increasing consumer expectations and increased competition from non-traditional financial institutions, most banks and credit unions were stronger than at any period since the financial crisis of 2008.
In a matter of only a few weeks, the world of banking has experienced a level of disruption that will change everything that had been the norm in financial services. There has not only been a major change in the way financial institutions conduct business but in the way, employees do their work and the way consumers manage their finances.
Banks and credit unions must use this time of disruption to consider reinventing themselves from the inside out. It is a time when we need to better understand the way consumers expect their financial institution to support their financial needs. This includes the way banks and credit unions use data, AI, technology and human resources to impact marketing, innovation and the digital delivery of products and services.
Some organizations may retrench and try to save costs because of the financial stress that results from the massive shutdowns caused by COVID-19. Other organizations will go beyond looking for efficiencies to create completely new business models that will impact all components of performance. Right now, there is an opportunity to reevaluate how technology, insight, and analytics can accelerate the future growth and competitiveness of financial institutions globally. To move forward will require a new perspective from most C-suites regarding priorities and deployment of resources.
To better understand the impact of COVID-19 on financial services, we interviewed three senior executives on the Banking Transformed podcast. Each executive discussed where banking was before the coronavirus crisis and the impact recent events will have on the future of marketing, innovation and digital delivery. Our guests for our “Banking Responds to COVID-19” series were:
A portion of each interview is provided below. The complete interview is available on The Financial Brand website or can be downloaded on your favorite podcast app.
Read More:
By Jim Marous, Co-Publisher of The Financial Brand, Owner/CEO of the Digital Banking Report and host of the Banking Transformed podcast.

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

NCOFCU Newsletter

The Bucket Coach is a financial advice book designed by Fire Services Credit Union, Tronto, Canada. and written exclusively for Fire Fighters It's a practical guide for household financial management, including investments, credit and mortgages, and retirement. Developed with contributions from Fire Fighters," NCOFCU Newsletter : " Kevin Connolly Chief Executive Officer    Fire Services Credit Union Phone: 416-440-1294 ext 301  Toll Free: 1-866-833-3285 E-mail:  kevin@firecreditunion.ca 1997 Avenue Rd Toronto, ON M5M 4A3 
Post a Comment
Read Complete Article HERE>»

Government Shutdown? Credit Unions Know The Drill.

  With three complete government shutdowns and repeated trips to the precipice in the past 25 years, credit unions have had plenty of opportunity to refine how they approach helping members during work stoppages. Read the complete article HERE __ ______________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»
Updated 2012 NAFCU Credit Union Compliance GPS is Now Available! Written by Steve Van Beek Shameless Plug Alert ! We are very pleased to announce the availability of the Updated 2012 NAFCU Credit Union Compliance GPS . Over the course of the last year, there have been many small tweaks and changes that have made life difficult for credit unions and, specifically, compliance officers (and many others as well). These included technical changes to regulations as well as substantive changes to regulations and regulators . ****READ MORE;  
Post a Comment
Read Complete Article HERE>»

FinCEN Issues Frequently Asked Questions to Clarify Suspicious Activity Reporting Requirements

  Immediate Release October 09, 2025 WASHINGTON  —Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued answers to  four Frequently Asked Questions  (FAQs) to clarify certain requirements related to suspicious activity reports (SARs). By issuing these FAQs, FinCEN is ensuring financial institutions are not needlessly expending resources on efforts that do not provide law enforcement and national security agencies with the critical information they need to detect, combat, and deter criminal activity. FinCEN issued the FAQs jointly with the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency. “SARs should deliver better outcomes by providing law enforcement the most useful information—not by overwhelming the system with noise,” said  Under Secretary for Terrorism and Financial Intelligence John...
Post a Comment
Read Complete Article HERE>»