Industry Response to COVID-19

As our world continues to change day by day, businesses and brands are looking for answers in our new, truly digital-first, no-touch environment. Some are focused on immediate action, others look to support the individuals and businesses in their "new normal" and key players are looking to be a part of the future solution.

Here is a spotlight on the businesses supporting immediate-term (health & safety), short-term (economic stimulus), and long-term (social responsibility) priorities for both consumer and business. If you've got a story to add please let us know and join our FinTech's Fightback campaign.

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Spotlight on Immediate Term: Health & Safety for Consumers

In the immediate term, health & safety is the number one concern for businesses and their customers. On the consumer side, we've seen the following responses:

  • Free housing for healthcare workers
  • Infection-tracking technology
  • Blockchain powered food traceability
  • Unlimited data & reduced-cost cellular plans
  • Closed or limited bank branches
  • Curbside and contactless order services
  • Free RX delivery

Read more on the responses below:

Immediate Response: Health & Safety for Business

Short Term Response: Economic Stimulus for Consumers

In the short term, economic stimulus is a huge priority to make sure individuals and businesses alike stay afloat during and after this unprecedented time. On the consumer side, we've seen the following responses:

  • Mortgage Payment Deferment
  • Derferment of April Payments
  • Waived Fees
  • Early access to funds
  • Auto insurance refunds

We also did a spotlight on banks' responses that you can find here.

Read more on the responses below:

Short Term Response: Economic Stimulus for Business

In the short term, economic stimulus is a huge priority to make sure individuals and businesses alike stay afloat during and after this unprecedented time. On the business side, we've seen the following responses:

• Loan Deferment • Business Loan & Cash Advances • Digital Payment Surge • Increased Merchant Support

We also did a spotlight on banks' responses that you can find here.

Read more on the responses below:

-Bottomline: Launched a free initiative to help banks provide relief to small businesses affected by COVID-19

Long Term Response: Social Responsibility for Consumers

In the longer term, businesses are looking at how they can live up to their corporate-social responsibility and take care of people - those that are employees that help run their business day-to-day, their customers, and the communities they live and work in. On the consumer side, we've already seen the following responses relating to:

  • Suspension of Layoffs
  • COVID-19 related Relief Efforts

Read more on the responses below:

-Deutsche Bank: Committed to no layoffs amid coronavirus pandemic

Long Term Response: Social Responsibility for Business

In the longer term, businesses are looking at how they can live up to their corporate-social responsibility and take care of people - those that are employees that help run their business day-to-day, their customers, and the communities they live and work in. On the business side, we've already seen the following responses relating to:

  • COVID-19 Therapuetics
  • SMB Support

Read more on the responses below:

-BBVA: $50K loans for SMBs with 1st payment not due until 90 days after opening -Google: $575M+ investment for SMB access to capital and Google Ads credits -JP Morgan: $26B Worth Of SMB Relief Loans In The Pipeline -Union Bank: $3M in donations to support the small business sector, safety net programs, and community organizations throughout Canada and Latin America -US Bank: $8M+ to SMB support -The Visa Foundation: Visa Foundation Pledges $210M For COVID-19-Stricken Businesses

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