Now, the pandemic is dramatically accelerating customer digital adoption and forcing banks to make rapid decisions about the digitization of key processes to support work from home for branch managers and other associates such as account opening and customer onboarding.
An optimal customer journey makes every step and touch point in the buying cycle streamlined, efficient, consistent and personalized from the consumer perspective.
This amount borrowed is called the fed funds.
Activities include issuing currency, and holding the deposits of other banks or central banks.
Retail customers are members of the general public taking care of personal needs as opposed to organizations such as governments and businesses that might need more complex services.
This extension of credit is an important facet of the economy as it provides liquidity to the everyday consumer, which helps the economy grow.