The pandemic paradoxically helped pad consumer’s bank accounts—and banks now face the reckoning that fees are unlikely to return to historic levels.

Digital trust—the confidence that bank customers have in their providers’ digital channels—is a precious commodity for banks. As competitive and cybersecurity threats abound, trust will be their advantage to lose.

Simple customers met with turbulent switch to BBVA USA: The shuttered neobank’s users faced lockouts as their accounts migrated over the weekend to sister bank BBVA USA—giving competitors an opening to attract affected customers.

Financial services firms are increasing their digital budgets, particularly for mobile, to target young consumers.