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Spinning off its digital bank will allow Pennsylvania-based Customers to beef up its commercial lending and buy other banks. BankMobile, meanwhile, plans to pursue more white-label relationships and perhaps explore its own acquisitions.
August 6, 2020
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Business models and adaptability will determine the success — or failure — of financial technology companies as they deal with fallout from the coronavirus outbreak.
Several big bank mergers fell apart after the coronavirus hit. But Bryan Jordan, First Horizon's CEO, said the pandemic validated plans to cut costs and invest more in digital upgrades.