Right now we are putting an enormous amount of faith in banks, the government relied on them to deliver PPP funds to small businesses and they were responsible for depositing stimulus checks for individuals and families; banks are driven by profits and are not required to have the customer’s best interest in mind when making decisions; unlike the financial crisis when banks were seen as public enemy number one, they are viewed as a safe haven right now with a record $1tn going into banks since the start of the year; banks are being sued for lending practices in distributing the the PPP funds and many states have needed to put in safeguards to ensure banks don’t use stimulus funds to pay off overdraft debt; fintechs are a lot better equipped to put the customer first and help drive financial inclusion; banks are the safer bet when it comes to capital, but unless public pressure is put on the banks to act ethically the same issues will continue and the customers who need help the most still won’t get it. Forbes
