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Square revises credit risk model for its SMB lending program

Bank Innovation

An update to Square’s credit risk model for its Square Capital commercial lending product — first disclosed yesterday — was “a key driver of Capital’s outperformance in the fourth quarter,” the company said. The advancement of Capital is key for Square as it continues to grow the fast-growing — and lucrative — lending product.

Lending 284
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Fifth Third Links Rejected Business Borrowers To Alt-Lender

PYMNTS

To offer expanded services as it pursues a digital innovation strategy of harnessing partnerships to provide an enhanced customer experience, Fifth Third is teaming with Fundation for small business loans.

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Bank Innovation unveils Build as virtual event 

BankInovation

Bank Innovation is proud to announce the Bank Innovation Build 2020 Virtual Experience, designed to provide industry professionals the insights, strategies and best practices to propel their innovation teams to success. Produced by Bank Innovation and Royal Media, Build will take place Sept. 9 and 10 online.

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Weekly Wrap: Visa acquires Plaid and retailers embrace fintech

Bank Innovation

In this episode, editors discuss the following news developments: The overlap of retail with financial services, and reflections on the National Retail Federation annual conference in New York; Visa’s acquisition of Plaid and what it means […].

Retail 243
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Digital and human: Inside BofA’s small business strategy

Bank Innovation

It’s a strategy that’s yielding results for the bank. As of this year, Bank of America said it surpassed Wells Fargo as the nation’s top small business […]. However, for Bank of America, a “human-digital” approach is the cornerstone of its small business banking approach.

Strategy 253
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Jack Ma’s open banking strategy gets a boost from lockdown

BankInovation

Billionaire Jack Ma’s Ant Financial Services Group saw a surge in Chinese banks seeking out its digital technology to keep business flowing after the coronavirus outbreak shuttered branches across the world’s most populous nation.

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Banks around the country respond to coronavirus

Bank Innovation

As the novel coronavirus continues to spread, rattling the economy, banks are reevaluating their business propositions to clients.? WaFd, formerly Washington Federal Bank, is offering interest-free lines of credit of up to $200,000 to small businesses as a result of the pandemic.

Seattle 307