Business Insider Intelligence Daily

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May 2, 2020

Chase is warning PPP applicants about backlogs ahead of the latest stimulus package.

JPMorgan Chase is telling some customers applying for Paycheck Protection Program loans that they might have more success applying elsewhere.

The initial $350 billion allocated to the PPP was depleted within two weeks, and many are concerned that will happen again, given the massive backlog of applications — that makes it important for banks to set clear expectations among applicants.

And while Chase's approach isn't a solution to these concerns, we think its transparency is a good move, as it will help temper customer expectations.

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

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BRIEFING HIGHLIGHTS

The SBA will cap PPP loan dollar amounts per bank

The Small Business Administration will cap the dollar amount each bank can lend through the Paycheck Protection Program.

Pfizer and BioNTech's coronavirus vaccine enters human trials

A potential vaccine for the coronavirus codeveloped by Pfizer and BioNTech has entered human trials in Germany, and may be tested in the US next week.

Facebook launches Zoom-like features to capitalize on video chat surge

Facebook launched a suite of video features, including Zoom competitor "Messenger Rooms," as it looks to boost engagement.

UnitedHealth to purchase telemental health startup AbleTo

UnitedHealth is expected to purchase mental healthcare upstart AbleTo, which could help fend off criticism about its subpar mental health coverage.

Google Cloud could have acquisition opportunities amid the pandemic

The coronavirus allows Google Cloud to double down on its acquisition strategy as late-stage startups are vulnerable to worsening economic conditions.

HSBC and Lloyds see a spike in mobile check deposits amid the lockdown

HSBC and Lloyds are seeing a rise digital check deposits via mobile apps, as UK consumers are encouraged to stay home amid the pandemic.

The pandemic gives network operators the chance to expand B2B services

The pandemic has opened an opportunity for network operators like AT&T and Verizon to expand their range of B2B services.

Demand for immersive experiences in quarantine could push VR adoption

Consumers stuck at home are turning to virtual, immersive experiences, presenting a unique opportunity to accelerate virtual reality adoption.

The SBA gave banks with less than $1 billion in assets exclusive access to the PPP

The SBA closed the PPP to big banks for 8 hours on Wednesday, only accepting applications from financial institutions with less than $1B in assets.

Mastercard lays out road to recovery for payments volume

Mastercard CEO Ajay Banga laid out the four phases spending may progress, shedding light on what it will take for its performance to rebound.

RESEARCH IN FOCUS

The Rise of Banking-as-a-Service

Business Insider Intelligence looks at the benefits banks stand to gain by offering BaaS platforms, discusses key players in the industry that have already successfully launched BaaS platforms, and recommends strategies for financial institutionss looking to move into BaaS.

Get the full report →

Telemental Health Report

This report explores how the onus of the US' mental health crisis falls on health systems and hospitals, and how they can navigate the costly dilemma via telemental health. We dive into challenges providers are presented with amid the crisis and how traditional mental health strategies are falling short in addressing them.

Get the full report →

Global Small Business Neobanks Report

Business Insider Intelligence explores the key factors driving an explosion of neobank activity in the SMB segment and the strategies these upstarts are leveraging to capture shares of this lucrative banking vertical.

Get the full report →

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