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New challenges ahead

Banks avoided a COVID-19 meltdown thanks to their ability to work with borrowers and other customers, and to a healthy dose of federal programs that directed money into the pockets of individuals and businesses. But financial institutions are now facing some other challenges, including the rise of fintechs. Bankers in the Garden State, however, plan to hang tough.

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A new model

Many New Jersey banks had previously invested in digital services, so “although the pandemic accelerated the shift by three to five years, the changeover went well,” according to NJBankers CEO John McWeeney. “Many people adopted remote banking during the height of the pandemic, and lot of them continue to use it.”

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Expanding the pool

According to the Certified Financial Planner Board of Standards Inc., the number of women and minorities in the wealth management field is growing nationally, as of the end of 2020: But the organization, which sets standards for financial planning and administers the CFP certification, also noted that women represent less than a quarter of CFPs, while fewer than 5% of CFPs are Black or Latino.

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