How can financial institutions harness data analytics to boost business during COVID-19 while reducing risk?

• Dec 8, 2020
• By Bryan Peckinpaugh

When the U.S. Treasury Department launched its first $349 billion Payment Protection Program (PPP) in April to help small businesses shore up payrolls during COVID-19,financial institutions were swamped with demand. The confusing process that ensued to secure the loans/grantsgenerated such widespread frustration that one third of small businesses said they would likely switch banks (Greenwich Associates). While there is a unique opportunity for financial institutions to gain market share in this environment,risks abound. Barlow Research Associates predict that 15-35 percent of small businesses may fail in the aftermath of the pandemic. How do you target marketing efforts when not all new business may be good business?Clearly, it?s not enough for banks and credit unions to simply ramp up...

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