Strategies for banks to respond to COVID-19 by leveraging fintech

COVID-19 will drastically change retail banking. Branch closures and shelter-in-place orders will accelerate the shift to digital channels, forcing financial institutions that haven’t prioritized digital yet to do so.

Point72 Ventures invests in the digital transformation of financial services through fintech enablers that help banks, credit unions, lenders and asset managers to improve their digital experiences. We have investments in MANTL, Roostify, DriveWealth, Flybits, MX, Brace and Nav from the list below.

Below is the start of a list of COVID-19 response strategies and associated fintech companies that seek to help banks and financial institutions respond to this crisis and continue to improve their digital capabilities. There are many incumbent financial technology providers, but we decided to stick to startups for this list.

There are many more strategies and associated startups out there to help banks respond to this crisis, please add to this list in the comments field below or drop me a note: adam@p72.vc

COVID-19 responses strategies for banks and associated fintech companies to

Respond to market changes

Offer digital mortgage closings

Enhance servicing for non-performing mortgages

Brace

Streamline PPP for small business

— Build a digital PPP Application

MX
Unqork

— Verify Businesses

— Automate PPP workflow

— Lend via SMB financing marketplaces

Help your customers to find work

Steady

Assist your customers with student loan repayment / modification / refinance options

Quickly test and implement new underwriting models

Digitize financial products

Offer digital account opening

Offer a digital mortgage experience

Offer self-serve digital investing

Offer digital debt consolidation and refinancing

Improve the digital customer experience

Improve your ability to create experiences and talk to your customers inside your website / app

Flybits
Improve your digital banking experience
MX
Narmi
Apiture
Alkami
Bankjoy

Increase digital banking adoption

Horizn

Offer customers personal financial management and financial wellness tools

Shift from a call center to digital accounts receivable and collections

Reduce call center volume with a virtual assistant inside your website / app

Transform branch and relationship banking

Enable bankers to talk and collaboration with customers via video and digital tools

Improve the in-branch experience with digital appointment scheduling and queuing

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