This review by the Bank for International Settlements of Federal Reserve swap lines going back decades finds that this instrument has a long history and shows that cooperation among central banks has been a tool used by the Fed to transmit monetary policy. "In all likelihood, the US interest in the eurodollar market, and thus the Fed's self-interest in central bank cooperation, will not end even when Libor ceases to benchmark costs for US loans and mortgages," writes Robert McCauley for BIS.
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Visa and Mastercard are working to develop technology that would allow consumers to pay for gas and other items from inside a car, without handling cash or cards. Mastercard has partnerships with self-service kiosk provider Zivelo and Sonic Drive-In, while Visa has been working with Honda for several years on in-car payments.
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Allied Market Research analysts predict that mobile banking will grow 12.2% during the next five or six years, becoming a $1.82 billion market. More banks and tech companies are introducing the apps and improving their security, and customers are drawn to them for convenience, as well as the way they enable social distancing during the coronavirus outbreak.
Citigroup is creating an online portal so that small businesses can apply for relief loans online, said CEO Michael Corbat. Almost $350 billion in loans will be available on Friday and Citigroup staffers are working "around the clock" so that they can get money in the hands of small businesses as soon as possible.
The economic stimulus package passed by Congress last week lets mortgage borrowers defer payments if they are suffering financial hardship. Federal Housing Finance Agency Director Mark Calabria wants borrowers to be honest about circumstances and says the process is "operating on the honor system."
ActiveCampaign has updated its customer experience platform with tools to help business-to-business sales teams "adapt their approach based on other real-world factors and changing customer needs," says Adam Johnson, vice president of sales. Features include templates that customize campaigns based on the behavior of prospects and sales automations such as website tracking, email marketing, recent purchases and open and click rates.
Digital experiences are a critical engagement tool during the coronavirus pandemic, and business-to-business marketers especially should be embracing tools such as Zoom, LinkedIn Live and Google Hangouts to livestream events or conduct webinars, writes Airship's Mike Herrick. Experiment with data-driven digital customer experiences, create human connections by being personal and "above all focus on being helpful and handy," he writes.