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Tae Kim and Brian Chappatta

Fintech Uprising Will Define Post-Covid Banking

From PayPal to Square, a pandemic-inspired burst in managing money from home puts brick-and-mortar banks on the defensive.

Square’s Cash App is here to stay.

Square’s Cash App is here to stay.

Photographer: Tiffany Hagler-Geard/Bloomberg

As recovery from the coronavirus pandemic continues, Bloomberg Opinion is running a series of columns looking at crisis-inspired innovations that promise better living over the long run — from more resilient economies, cleaner cities and healthier offices to five-star meal kits, less unnecessary business travel and no more airline change fees.

One thing that quickly became apparent after the onset of the Covid-19 pandemic and the fleeting collapse in financial markets is that big U.S. banks, the villains of the previous crisis, were determined to be the good guys this time around. No job cuts in 2020. Deferred payments on credit cards and mortgages without repercussions. You name it, the likes of Bank of America Corp. and JPMorgan Chase & Co. appeared willing to provide it.