The survey looked at the current state of community banks
across the country—and the findings reveal what community banks
need to stay competitive and help their communities thrive
NEW YORK, Sept. 23, 2024 /PRNewswire/ -- The Bank of New
York Mellon Corporation ("BNY") (NYSE: BK), a global financial
services company, released today the results of a 2024 survey of
community banks that it conducted with the Harris Poll, a global
market research firm.
The BNY Voice of Community Banks Survey polled key community
bank decision makers, from CEOs and CFOs to executives responsible
for adopting and implementing new technologies, across the United States on topics including digital
banking solutions they want to offer to customers and fintech
collaborations they're pursuing that would help grow their
businesses.
Survey highlights include:
- Over 90% of community banks surveyed said they are looking to
initiate digital transformations. However, less than 20% see
themselves as experts in data analytics—underscoring a challenge
they face in launching a digital transformation program
successfully.
- Nearly 30% of those polled indicated that launching new
technology services focused on efficiency and security, such as
instant payments, are critical to maintaining a competitive edge.
To be able to deliver these services effectively, 20% of banks
surveyed are looking to collaborate with other companies over the
next five years.
- Among the community banks polled that are looking to expand
their capabilities, 100% expressed a desire to provide wealth
management services, and over 95% are interested in providing
treasury services.
The key takeaway from the survey is that community banks are
eager to collaborate with large institutions and fintechs on
solutions for both enhancing customer satisfaction and managing
their operations. This includes such tech-forward solutions as
automated loan services, e-signature technologies, and mobile
wallets and payment apps. At BNY, the Community Banking &
Solutions team collaborates with community banks to find the right
solutions for their needs, leveraging BNY's platforms and
expertise to help community banks increase their profiles and grow
their assets.
"The goal of this survey was to explore the current state of
community banks in the U.S.—what they perceive as their greatest
strengths, the challenges that keep them up at night, and
ultimately, what solutions they are looking for to best serve their
communities," said Shofiur Razzaque, Head of Community Banking
& Solutions, BNY. "The survey results reaffirm the crucial role
community banks play in advancing our economy, and the important
role BNY and other institutions have in helping community banks
achieve their ambitions."
For more on the survey's findings, read the white paper and a
Q&A with Shofiur Razzaque.
About BNY
BNY is a global financial services
company that helps make money work for the world – managing it,
moving it and keeping it safe. For 240 years BNY has partnered
alongside clients, putting its expertise and platforms to work to
help them achieve their ambitions. Today BNY helps over 90% of
Fortune 100 companies and nearly all the top 100 banks globally to
access the money they need. BNY supports governments in
funding local projects and works with over 90% of the top 100
pension plans to safeguard investments for millions of individuals,
and so much more. As of June 30,
2024, BNY oversees $49.5
trillion in assets under custody and/or administration and
$2.0 trillion in assets under
management.
BNY is the corporate brand of The Bank of New York Mellon
Corporation (NYSE: BK). Headquartered in New York City, BNY employs over 50,000 people
globally and has been named among Fortune's World's Most Admired
Companies and Fast Company's Best Workplaces for Innovators.
Additional information is available on www.bny.com. Follow on
LinkedIn or visit the BNY Newsroom for the latest company
news.
Contact Information
BNY
Liz Ozaist
Head of Communications, Content & Channels
347-528-3559
Elizabeth.Ozaist1@bny.com
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SOURCE BNY