American Banker Magazine - December 2020

The year in banking

From the industry's extraordinary response to the coronavirus outbreak to Citigroup promoting Jane Fraser to CEO, these are some of the storylines that defined banking in 2020. First in a two-part series.

Here are 10 more storylines that defined banking in 2020.

There’s an alarming gap between how small and large banks view the importance of digital engagement, according to a recent survey by Celent and Arizent.

Payment rates for auto lenders and credit card issuers have remained strong despite a spike in unemployment. Whether these trends continue into 2021 will depend largely on the actions of Congress and the pace of medical advances.

Professional Holding has opened an office close to Boston to make loans to aspiring CEOs — often recent business school graduates — who are looking to buy their first businesses.

Businesses that received Paycheck Protection Program loans and Economic Injury Disaster advances discovered later they can't get full forgiveness. Lenders want the rules changed.

Vendors such as eFinancialCareers, Paradox and pymetrics work with banks to assess job applicants based on their skills and not other factors. But the technology has its limits.

Renaud Laplanche's fintech will give borrowers cash back when they lower their loan balances.

After selling the rights to its Ethereum-based technology, the bank is rebranding a venture related to cross-border payments and creating a new umbrella group to oversee all blockchain-related efforts.