Switching core banking systems has long been done face to face, but the pandemic has driven the process into the digital arena. The change could be permanent.

The event is the last major credit union conference for the year to be moved to a virtual format due to the coronavirus.

Consumers now have more control over their own financial decisions and loan options.

The Fed’s recent action capping dividend payments might prove inadequate once the coronavirus crisis really hits banks’ capital.

Derek Webster, founder and CEO of the mobile point of sale provider CardFlight, talks with Daniel Wolfe, editor-in-chief of PaymentsSource, about the data CardFlight collects on small-business spending, which it updates every week during the coronavirus pandemic.

The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.

The results show how Wall Street giants such as Citigroup leaned on volatile businesses in the second quarter to counter mounting signs of distress from lending operations.

The country's largest bank said second-quarter profit fell 51% to $4.69 billion, a smaller drop than forecast, as record trading revenue helped counter the biggest loan-loss provision in its history.