The Bank of New York Mellon Corporation (NYSE: BK) has announced the results of its 2024 Voice of Community Banks Survey, conducted in partnership with Harris Poll. The survey engaged key decision-makers from community banks across the United States, including CEOs, CFOs, and executives responsible for technology adoption.
Key findings from the survey reveal that over 90% of community banks are actively pursuing digital transformations. However, a significant challenge remains, as less than 20% of respondents consider themselves experts in data analytics, which is critical for the successful launch of digital transformation initiatives.
Nearly 30% of participants highlighted the importance of introducing new technology services that focus on efficiency and security, such as instant payment solutions, in order to maintain a competitive edge. Furthermore, 20% of the surveyed banks expressed a desire to collaborate with other organizations over the next five years to effectively deliver these services.
The survey also noted that 100% of community banks seeking to expand their service offerings are interested in wealth management services, while over 95% wish to provide treasury services.
A major takeaway from the survey is the eagerness of community banks to collaborate with larger institutions and fintech companies to enhance customer satisfaction and streamline operations. This includes adopting innovative solutions like automated loan services, e-signature technologies, and mobile wallets.
Shofiur Razzaque, Head of Community Banking & Solutions at BNY, commented, “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. The results reaffirm the crucial role community banks play in advancing our economy and highlight the important role BNY and other institutions have in helping them achieve their ambitions.”
The Community Banking & Solutions team at BNY Mellon is committed to partnering with community banks to identify the right solutions that leverage BNY’s expertise and platforms, helping them enhance their profiles and grow their assets.
