Technology companies from every corner of the globe have been lending their talent, resources, and solutions to help deal with the health and economic implications of the COVID-19 crisis. While those firms in health technology have obviously played the lead role, innovators in virtually every field of technology are bringing their unique expertise to the challenge.

Here are three ways that companies specializing in digital identity and identity management are helping organizations, institutions, and individuals manage the global pandemic.

Know Your Carrier

One of the key ways that countries like South Korea have “flattened the curve” of the pandemic is through an approach called “test and trace.” This strategy relies on accurately identifying those who have the coronavirus and then tracking down all those individuals who have had contact with the infected individual so that they can be tested for the virus.

For example, In China, in addition to temperature checks outside of public places like restaurants, officials are leveraging smartphones and QR codes to identify those who are infected with the virus, and to track their recent movements to locate others who may have been in contact with the infected person. In the West, the news that Apple and Google are collaborating to develop a contact tracing solution that will help us meet this specific challenge is a positive sign. Yet as hopeful as this opportunity may be, it is not without caveats.

“It’s really important to get the cooperation of the public,” Recode Executive Director Kara Swisher told CNBCs Squawk Box Monday morning during a discussion on the Apple/Google initiative. She flashed her sleep and activity-tracking Oura ring, noting that wearables could be among the mobile technologies that could be used to make contact tracing as seamless as possible. “More power to the tech companies means more power to the tech companies,” she said. “The only question is will they give it back when this is over?”

Know Your Customer

Getting money into the hands of unemployed and furloughed workers is one challenge. Getting money into the bank accounts of businesses forced to close their doors during this period of quarantine and social distancing has proved, in some ways, to be an even steeper challenge. Many in the small business community were caught off guard, for example, when they learned that in order to access federal COVID-19 relief funds they would need to have a relationship with a participating financial institution.

The issue is that, even in an emergency, knowing your partner is paramount. And in order for banks to be financially responsible, they need to pursue the same measure of KYC diligence on applicants for emergency funding as they would for any other banking customer. To fail to do so would leave these institutions vulnerable, potentially, to massive fraud losses – turning an already challenging environment for banks even worse. Making it easier for financial institutions to engage needy SMEs by leveraging many of the innovations in Big Data and advanced machine learning – while remaining compliant and financially responsible – is a slam dunk opportunity for a sizable number of fintechs.

This is a reminder that regtech may not be appear to be the most important subsector within financial technology. But in the same way that the global pandemic is causing us to think as much about epidemiologists as we do about emergency room doctors, the current challenge in KYC also reminds us of how important innovations in regtech are not only within technology, but also for society as well.

Know Your Crew

While many are understandably eager to “re-open the country,” it remains likely that thousands of workers will continue to work remotely – at least in the near term. This phenomenon has been a boon for companies like Zoom that provide technology that enables online conferencing and makes it easier for workers who do not traditionally work from home to do so.

One major challenge for these newly-homebound employees is ensuring that they are logging into their company’s networks and platforms in a safe and secure manner. Beyond having the infrastructure to support remote work, having the capacity to authenticate legitimate remote workers, and to make sure that the data they are transmitting back and forth remains out of the hands of hackers and cybercriminals is critical.

Indeed, one of the discontents of the “Zoom Boom” is that many people using the platform have raised major privacy concerns, including reports that Zoom conferences have been infiltrated by hackers, interrupting live presentations with obscene images.

As with KYC, this is another area where fintech’s regtech calvary is coming to the rescue. Firms like Onfido and Jumio, among many others, have made their identity verification technologies available for free to organizations and institutions in the health and home care fields that are on the frontlines of the fight against the virus.

In a COVID-19 world, the rich may not necessarily be getting richer, but it has become clear that the virus is taking a toll on lower income populations. And with this, the global pandemic is shining a light on income disparity.

Do you remember the last movement to highlight income inequality?Occupy Wall Street. The movement started in September 2011 as groups assembled at major financial districts and banks to make their voices heard about income distribution, bank reform, student loan forgiveness, and capitalism in general. Nearly 200 protestors camped out in Zuccotti Park in New York’s financial district, ultimately costing the city $17 million.

So with the income inequality fresh on consumers’ minds, here are a few ideas on how banks and fintechs can be their ally instead of their perceived enemy.

Be flexible

While you don’t need to bend over backwards, offering some flexibility is key. And even though offering flexibility on payment plans can be essential, it’s not all consumers are looking for. Your call center, for example, is likely overloaded right now. Instead of having callers wait on hold, can you direct them to a chatbot or make an option for them to request a call back from an agent at a certain time?

Straying from traditional operations and bending some rules (in a compliant manner, of course!) can make a huge difference to a stressed-out consumer that is just looking for someone to understand their situation.

Be generous

You don’t have to forgive a customer’s mortgage payment for them to like you. Peer-to-peer payment company Venmo is doing a great job at engaging with its customers during this time. The company is depositing $20 into consumers’ accounts in exchange for their generosity toward healthcare workers or others in need.

Select an idea that works for your organization’s image. You can give away gift cards to Netflix or offer free gift cards to local restaurants for take away meals. The giveaways can be in under $10 and done at random or as a daily or weekly online drawing. For something more simple, you could host a larger cash giveaway with only one or two winners.

Show unity

Play a role in your community, even if it’s not an in-person effort. Advertise in the local paper that your staff is volunteering to drop off groceries for elderly citizens, display uplifting sayings to encourage passersby, or even place rolls of toilet paper on front steps of houses in nearby neighborhoods. If toilet paper isn’t your style, mail coloring sheets and simple art supplies to customers with small children. For smaller banks, publish the phone number of a representative who can help customers sort through financial issues.

Small actions can have big outcomes during a crisis like this. During a time when people are “looking for helpers” as Mr. Roger’s instructed, banks have a great opportunity to be the helpers in their community.

How is the battle of the challenger banks manifesting itself in Germany? As FinovateEurope gets started in Berlin this week, we take a look at some of the top challenger banks in the country.

Bitwala – Based in Berlin, Germany, Bitwala leverages blockchain technology to offer a banking experience for holders of both fiat and cryptocurrencies. Co-founded by Benjamin Jones, Jorg von Minckwitz, and Jan Goslicki in 2015, Bitwala has raised more than $21 million in funding. Late last summer, the challenger bank launched its all-in-one mobile bitcoin app, enabling customers in 30+ countries to open a German bank account with an integrated Bitcoin wallet and trading functionality.

Consorsbank – Founded in 2014 – and sporting an origin story that goes back to 1994 – Consorsbank is owned by BNP Paribas SA Niederlassung Deutschland. The bank offers a current account and two free debit cards, as well as a securities trading account with fee-free trading in ETFs and funds. In 2018, Consorsbank introduced its new installment loan product, and last year, the company went live with both Apple Pay and Google Pay.

Fidor Bank – Headquartered in Munich, Fidor Bank was founded in 2009, and serves both retail and business banking customers. The firm was acquired by Groupe BPCE of France in 2016, one year after Fidor Bank began operations in the U.K. Fidor offers a business account and card solutions, as well as financing products including installment loans and lines of credit. The bank also facilitates customer investment in foreign currencies and online savings bonds. Fidor Bank celebrated its 10th anniversary last May, and currently has 250,000 private and 40,000 business customers.

Fyrst -Bonn-based Fyrst Bank is the latest challenger bank in Germany to offer financial services to freelancers and the self-employed. Launched in 2019, Fyrst charges no account management fees and offers integrated accounting and invoice management, instant payment transfers and inexpensive financing options. Fyrst is backed by DB Privat- and Firmenkundenbank AG, and is a division of Postbank.

Insha – Founded in 2018 and proclaiming itself to be the first interest-free mobile bank in Europe upon its launch a year later, Insha is a spin-off from Turkey’s Albaraka Turk Participation Bank. Insha is headquarted in Berlin and offers a mobile account and Insha Mastercard debit card, money transfers, and financial wellness tools inSave and inSight to help customers manage their money better. Insha also provides a zakat calculator to help Islamic customers accurately determine the amount of their annual zakat obligation.

Kontist – A bank that specializes in serving freelancers and workers in the gig economy, Kontist is based in Berlin and was founded in 2015. The challenger bank calls itself the only bank that calculates and sets aside taxes in real-time – responding to a major pain point for workers with irregular or untraditional sources of income. Kontist offers its customers a mobile app and business account, and supports its customers accounting by keeping banking and bookkeeping in “permanent sync.” Kontist also provides a Mastercard Business debit card. The company is a strategic partner of solarisBank.

N26 – Berlin-based N26 provides mobile and online banking services to customers throughout the E.U. Earning its banking license in 2016 and rebranding from Number 26 to N26Bank, the company has raised $683 million in funding, including a $470 million Series D completed last summer. This funding was accompanied by the bank’s expansion to the U.S. With a valuation of more than $2.7 billion, N26 is regarded as one of the most valuable challenger banks in Europe.

Penta – Founded in 2016, Penta provides banking services – including expense management, accounting, and corporate cards – for SMEs and startup companies. Penta customers can establish sub-accounts to more readily monitor various business cash flows, and take advantage of a variety of small business financing options. Headquartered in Berlin, and acquired by finleap in spring of 2019, Penta introduced its all-in-one founder’s package, Kompass, in January. Kompass includes a set of legal documents and guidelines to help ensure successful company launch.

solarisBank – A self-described technology company with a banking license, solarisBank was founded in 2016, and has both its own banking license as well as a banking platform to help other firms to offer their own financial solutions. The Berlin-based firm offers a suite of RESTful APIs to enable its partners to integrate its modular financial services solutions within their own product line. solarisBank announced a partnership with Penta last fall to support the business banking platform’s expansion into Italy. In December, the bank launched its subsidiary, Digital Assets, to provide a custody solution that takes advantage of the growing ownership of cryptocurrencies and other digital assets.

Tomorrow – Tomorrow offers a current account that gives customers the opportunity to make a positive difference on the environment. The bank finances renewable energy and organic agriculture, as well as other climate-supporting initiatives. The challenger bank’s account features a digital budget with automatic categorization, and real-time, push notifications for every transaction. Tomorrow was founded by Inas Nureldin, Michael Schweikart and Jacob Berndt and is based out of Hamburg. Tomorrow closed its first round of funding in 2019, pulling in €8.5 million from impact investors.

Banks are facing an increased number of competitors these days. Not only are traditional banks vying for customer deposits, but fintechs and challenger banks want part of their funds, as well.

The average U.S. savings rate is just 0.09% APY, so any amount banks can offer beyond that is a differentiator. However, some banks have gone all out and are offering more than 2% interest. The highest APY we saw totaled a whopping 6.17%.

Here are the 8 financial institutions (listed in alphabetical order) we found that are offering accounts currently paying more than 2% interest:

BrioDirect

2.1% APY with a minimum balance of $25

Digital Federal Credit Union

6.17% APY on first $1,000 with a minimum balance of $5

Elements Financial

New accountholders can earn 2.1% APY for one year on a minimum of $2,500 that has been transferred from another financial institution.

Fitness Bank

Members earn 2.20% APY on a minimum balance of $100 if they walk 12,500 steps or more per day (or 10,000 steps per day for those age 65 or older) as calculated on their fitness tracker.

GreenDot

Users earn 3% APY, which is paid on a maximum of $10,000 and is held in a separate account that the consumer is unable to access until the account anniversary. The high yield savings account must be opened in tandem with Green Dot’s Unlimited Cash Back account, which pays customers a 3% cash-back bonus on all online and in-app purchases. The account charges a $7.95 monthly fee if a consumer’s purchases (excluding mobile bill payments, ATM withdrawals, and ACH transactions) are less than $1,000.

T-Mobile Money

Users earn 4% APY on balances of $3,000 or less. Any amount over the $3,000 threshold earns 1% APY. There is no minimum balance requirement but account holders must deposit at least $200 per month into the account to earn 4% APY.

TotalDirectBank

2.1% APY on balances of at least $5,000 and no more than $500,000.

Vio Bank

2.02% APY with a minimum deposit of $100

Many of these financial institutions are able to offer higher-than-average rates by keeping their operating costs low. In most cases, the lower operating cost is the result of being an online-only bank. However, two of the banks listed above (Digital Federal Credit Union and Elements Financial) have physical branch locations, as well.

Another aspect that helps with offering high interest is setting appropriate limitations. Interestingly, the two banks on this list that have branch locations (re: higher operating costs) are the two with the most stringent restrictions on their savings accounts. Setting up appropriate limits on account earnings can make banks’ offerings look attractive without costing too much. Conversely, too many restrictions will frustrate consumers and, perhaps worse, compromise trust.