Strategies for banks to respond to COVID-19 by leveraging fintech
Adam Carson, Point72 Ventures, FinTech
COVID-19 will drastically change retail banking. Branch closures and shelter-in-place orders will accelerate the shift to digital channels, forcing financial institutions that haven’t prioritized digital yet to do so.
Point72 Ventures invests in the digital transformation of financial services through fintech enablers that help banks, credit unions, lenders and asset managers to improve their digital experiences. We have investments in MANTL, Roostify, DriveWealth, Flybits, MX, Brace and Nav from the list below.
Below is the start of a list of COVID-19 response strategies and associated fintech companies that seek to help banks and financial institutions respond to this crisis and continue to improve their digital capabilities. There are many incumbent financial technology providers, but we decided to stick to startups for this list.
There are many more strategies and associated startups out there to help banks respond to this crisis, please add to this list in the comments field below or drop me a note: adam@p72.vc
COVID-19 responses strategies for banks and associated fintech companies to
Respond to market changes
Offer digital mortgage closings
Enhance servicing for non-performing mortgages
Streamline PPP for small business
— Build a digital PPP Application
— Verify Businesses
— Automate PPP workflow
— Lend via SMB financing marketplaces
Help your customers to find work
Assist your customers with student loan repayment / modification / refinance options
Quickly test and implement new underwriting models
Digitize financial products
Offer digital account opening
Offer a digital mortgage experience
Offer self-serve digital investing
Offer digital debt consolidation and refinancing
Improve the digital customer experience
Improve your ability to create experiences and talk to your customers inside your website / app
Improve your digital banking experience
Increase digital banking adoption
Offer customers personal financial management and financial wellness tools
Shift from a call center to digital accounts receivable and collections
Reduce call center volume with a virtual assistant inside your website / app
Transform branch and relationship banking
Enable bankers to talk and collaboration with customers via video and digital tools
Improve the in-branch experience with digital appointment scheduling and queuing
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This is not an advertisement nor an offer to sell nor a solicitation of an offer to invest in any entity or other investment vehicle. The information herein is not intended to be used as a guide to investing or as a source of any specific investment recommendation, and it makes no implied or express recommendation concerning the suitability of an investment for any particular investor. The opinions, projections and other forward-looking statements are based on assumptions that the authors’ believe to be reasonable but are subject to a wide range of risks and uncertainties, and, therefore, actual outcomes and future events may differ materially from those expressed or implied by such statements. Point72 Private Investments, LLC or an affiliate may seek to invest in one or more of the companies discussed herein.
