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Preparing Your Financial Institution for COVID-19 Impacts

Posted by Larry Pruss on Mar 12, 2020 12:00:00 PM

Covid blog

Being prepared for any potential downside is something bank and credit union executives take quite seriously and, since the early 2000s, have been required by regulators to maintain a pandemic crisis plan. Now all of these plans are being put to the test, especially after the announcement by the WHO that the coronavirus is officially a pandemic.

Even as the business world improves at predicting and defending against risks, Black Swans will always be a possibility. As is characterized by such an event, it’s easy in hindsight to say, “We should have seen this coming,” but the fact remains that we don’t know what we don’t know; e.g., the impacts on the stock market and disruptions to daily life brought on by COVID-19.

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Topics: Digital Banking, Cash, COVID-19, Card Not Present, Coronavirus, Contactless

Cash: Alive and Kicking

Posted by Larry Pruss on Oct 6, 2019 9:00:00 AM

Cash Alive and Kicking

My SRM colleagues in Europe (see parts 1, 2 and 3) and Atlanta have already written about what it would be like to live in a cashless world, but recently, some municipalities in the United States have bucked the conventional wisdom by pushing back against the notion of cashless stores in the name of financial inclusion. A rash of new research also indicates that the long touted “death of cash” is not the imminent event often implied by industry pundits and reporters.

Here’s a quick overview of recent data and developments.

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Topics: Cashless, Cash, Financial Inclusion

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