Amid the COVID-19 pandemic, many consumers are struggling financially due to layoffs and other economic hardships, and to support this demographic, Citi Bank has launched a COVID-19 Assistance program.
Consumers can apply for various assistance measures including two consecutive monthly minimum payment breaks as well as waiving late fees for those in a period of deferment for personal loans and custom credit lines. For small businesses, on the other hand, Citi Bank is offering waivers on monthly service fees and remote deposit captures fees in addition to penalty waivers for early Certificate of Deposit withdrawals.
The bank encourages its users to request concessions by calling in, however, users with an account that is more than 60-day delinquent may not qualify.
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Citi Bank is Differing Late Fees Amid the COVID-19 Pandemic
1. COVID-19 Assistance Programs - Disruptive innovation opportunities lie in the development of user-friendly digital platforms that streamline the application and approval process for COVID-19 financial assistance programs.
2. Financial Hardship Support - Opportunities for disruptive innovation exist in creating personalized financial tools and services that help individuals and businesses navigate and overcome financial hardships.
3. Digital Banking Solutions - There is potential for disruptive innovation in the creation of intuitive and secure digital banking solutions that provide convenient access to financial services without physical branch visits.
1. Banking Services - Disruptive innovation opportunities exist in the banking industry to develop more inclusive and accessible financial services that cater to the needs of individuals and businesses facing financial challenges.
2. Fintech - The fintech industry can leverage disruptive innovation to create innovative technological solutions that bridge the gap between those in financial distress and available assistance programs.
3. Digital Payments - Disruptive innovation can revolutionize the digital payments industry by developing seamless and secure payment solutions that facilitate transactions between users and financial institutions during times of financial uncertainty.