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Screenshot 2019 11 08 at 14.29.14Disruptive digital-only banks, innovative regulations, and shifting consumer demands have made today’s banking digital-first — but the benefits of digitization are being held back by identity verification challenges.

Identity verification underlies many of the core processes associated with financial services, with banks required to subject their customers to strict identity checks, both to protect those users’ finances and to meet regulatory compliance demands.

There have been a plethora of efforts aimed at streamlining identity verification online, but these attempts have largely failed to address the issue in its entirety. For example, customers are often required to create unwieldy passwords and verification details that can be difficult to keep track of to access their accounts. Not only have these efforts created new points of friction for users, but they’re also expensive for banks, with each password reset costing up to $70 according to Forrester Research estimates.See the rest of the story at Business Insider

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Bank of American ATMStephen Chernin/Stringer/Getty Images

US bank deposits have grown by a record $2 trillion since January, when the coronavirus pandemic first hit the country, according to FDIC data.
In April alone, bank deposits grew by $865 million, more than the previous record for an entire year of inflows. 
Bank deposits have been boosted by unprecedented fiscal stimulus amid the pandemic, including one-time checks to households and the Paycheck Protection Program.
Read more on Business Insider.

A record $2 trillion of cash has been piled into the deposit accounts of US banks since the coronavirus pandemic first hit the country in January, according to data from FDIC

In the week ending June 10, deposits in US banks totaled $15.47 trillion, according to the FDIC. That’s nearly $2.2 trillion more than the $13.3 trillion that banks had in their deposit accounts at the end of February, the data showed. See the rest of the story at Business Insider

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Big banks in the US (defined in this case as those with more than $1 billion in assets) charged customers a total of $11.68 billion in overdraft fees last year, according to data from the Center for Responsible Lending cited by The New York Times.

average overdraft fee at major banksBusiness Insider Intelligence

Vulnerable customers were hit the hardest: Just 9% of account holders paid for a whopping 84% of those overdraft fees, and those customers tended to have low balances already, averaging less than $350. The Center for Responsible Lending opined that banks should stop overdraft fees for the duration of the pandemic.See the rest of the story at Business Insider

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banks helping coronavirusMaskot/Getty Images

 

If you’ve been financially impacted by the coronavirus pandemic, your bank may be offering payment assistance for your mortgage, car payments, credit card, personal loan, or private student loan.
We’ve listed 34 banks that are offering assistance, including Bank of America, Capital One, US Bank, and Wells Fargo.
If your bank isn’t on this list, contact them directly to ask whether they’re offering payment assistance.
Read more personal finance coverage »

If you’ve lost work due to the coronavirus, you may be scrambling to figure out how to pay your bills

Thankfully, numerous banks are offering assistance to customers who have been financially impacted by the coronavirus. You may be eligible for payment assistance toward your mortgage, car payment, credit card, personal loan, or private student loan.See the rest of the story at Business Insider

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