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Sabtu, 30 Mei 2020

Top US banks have shifted employees to deal with defaulted loans

What to read today: The Online Grocery Report: The coronavirus pandemic has brought online grocery — a promising but formerly niche industry — to the fore. This report first looks back at how online grocery adoption was progressing prior to the coronavirus pandemic to understand the state of the industry before the shopping method became vital to many consumers. .
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May 30, 2020
Business Insider Intelligence
Bank of America, Citi, Chase, and Wells Fargo have shifted employees to deal with defaulted loans.
The top four US banks by assets — Bank of America (BofA), JPMorgan Chase, Citi, and Wells Fargo — are reportedly restructuring employees' roles so they can handle troubled or defaulted loans.

Banks stand to lose out on major revenue for several months because of the coronavirus relief options they've extended, like mortgage deferrals. To protect against that, they've increased loan loss provisions: Chase, Citi, Wells Fargo, and BofA collectively allocated $24.1 billion in Q1 2020 to cover future loan losses.

Banks will need to gain a holistic picture of customers' financial situations to determine who they should nudge back toward repayment — and for that, they'll likely need all hands on deck to sift through the thousands of accountholders who opted into some deferral programs.

Business Insider Intelligence's Rachel Green has the full story.

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BRIEFING HIGHLIGHTS
US hospitals reported grim financial results for April
Hospitals in the US reported outpatient revenue down 50% year-over-year (YoY) and inpatient revenue declining 25% YoY for the month of April.
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New survey highlights Hong Kong banks' approach to fintech
A new report identifies the opportunities associated with collaborating with fintechs, and how how banks expect the Hong Kong fintech space to grow.
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Alibaba may be on the road to recovery from the pandemic
Alibaba's commerce revenue growth took a hit amid the pandemic, but it may be recovering as it attracts new interest from merchants and consumers.
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Mobile messaging will spike as users shift from text messaging
US adults will spend an average of 24 minutes a day on mobile messaging apps as usage continues to shift away from traditional text messaging.
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Facebook's Workplace wants to lend a social aspect to remote work
Facebook's Workplace social tools can solve the long-term need for companies to maintain culture and workplace rapport while working remotely.
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The CMS broadens telehealth for medicare advantage patients
The CMS expanded access to telehealth services for Medicare Advantage (MA) members to include visits with a longer list of specialists.
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NBA eyes July return, benefitting TV advertisers and networks
The NBA's return would be a boon for TV advertisers and networks alike, breathing some life into the struggling TV advertising landscape.
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Amazon is planning a summertime sale separate from Prime Day
Amazon is planning a "Summer Sale" that would enable merchants to sell extra inventory they may have accumulated during the coronavirus pandemic.
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Google eyes 5% stake in Vodafone Idea to accelerate growth in India
Google is in talks to buy a 5% stake in Vodafone Idea, part of a growing trend of US tech giants purchasing equity in India's network operators.
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Nearly half of US patients are forgoing care during the pandemic
A Kaiser Family Foundation poll revealed that 48% of US patients have either deferred or skipped medical care as a result of the pandemic.
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RESEARCH IN FOCUS
The Online Grocery Report
The coronavirus pandemic has brought online grocery — a promising but formerly niche industry — to the fore. This report first looks back at how online grocery adoption was progressing prior to the coronavirus pandemic to understand the state of the industry before the shopping method became vital to many consumers.
Get the full report →
The Internet of Medical Things
In this brand new report, Business Insider Intelligence assesses the North American Internet of Medical Things (IoMT) market and explores how the IoMT opportunity for connectivity providers is evolving alongside the coronavirus pandemic, and how these players are carving out their place in the growing segment.
Get the full report →
The Subscription Payments Ecosystem
The power dynamics in the payments industry are changing as businesses and consumers shift dollars from cash and checks to digital payment methods. This report examines the payments ecosystem today, its growth drivers, and where the industry is headed.
Get the full report →
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