Coronavirus Insights: Cash Flow Crunch, Digital Banks, Smart PR

Content from around the web related to the pandemic and its impact on the financial world. Ideas, new tools, information, expert viewpoints and more curated by The Financial Brand's editorial team.

Idea for Dealing with Inevitable Consumer Cashflow Crunch

The federal government’s direct payment to consumers will definitely help, but given the unknown length of the crisis, cash flow will likely be a problem for millions, predicts Mercator Advisory Group’s Brian Riley. Because this is a global crisis, a common-sense solution implemented in Malaysia could help here, the analyst writes. Check out his article, “A Novel Approach to Managing Credit Card Losses in a COVID-19 World”.

3 Different Takes on Challenges of Working from Home

The process of complying with work-from-home guidelines has not been a cakewalk for financial institutions. Three articles offer suggestions from different perspectives. On the Finanser blog, author/fintech expert Chris Skinner gives comments and suggestions (and a hilarious video clip). Nathalie Bartholomew, VP and CAO at Nebraska’s Grand Savings Bank, offers practical tips in “5 Tips for Community Bankers Working from Home.” And McKinsey offers some company-level, but experience-based advice in “A Blueprint For Remote Working: Lessons from China.”

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6 Factors Make Americans Financially Vulnerable to COVID-19 Impact

According to The Financial Health Network, only one-third of Americans went into the COVID-19 crisis financially healthy. Their paper, “A Country Without a Cushion” (PDF), probes six factors producing this situation: insufficient insurance, income loss, inadequate workplace safeguards, constrained household finances, digital divide and disparate impacts.

Boston Community Bank Steps Up with Big Time Relief

The media tends to focus on the biggest banks, but some bold COVID-19 responses are surfacing from smaller institutions. A news outlet in Massachusetts reported on Eastern Bank ($11 billion in assets), which committed $10 million to consumers, small businesses, and nonprofits in loan funds and grants. See how this $11 billion bank is getting good press in this article, “Coronvirus Relief: Eastern Bank Offering $10 Million”.

Is That Digital Financial Service Everything They Say It Is?

While you’re working from home and thinking time about the digital future of the financial industry, consider this analysis by Consumer Reports of four online savings apps: Albert, Digit, Trim and Truebill. “Although these tools can be helpful, they could end up hurting your finances if you don’t fully understand their risks and shortcomings,” the report states. Read more in Consumer Reports “The Hidden Risks of Online Savings Tools”.

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