BNY releases 2024 Community Bank Survey results


Global financial services provider BNY has announced the findings of its 2024 community bank survey conducted in partnership with Harris Poll

Global financial services provider BNY has announced the findings of its 2024 community bank survey conducted in partnership with Harris Poll. The survey gathered insights from senior decision-makers at community banks across the United States, including CEOs, CFOs, and technology executives, on their plans for digital banking solutions and fintech collaborations.

The BNY Voice of Community Banks Survey explored key areas such as digital transformation initiatives, technological advancements, and strategic partnerships aimed at fostering growth and improving services. Main survey takeaways include: Over 90% of community banks reported plans to undertake digital transformation efforts. However, fewer than 20% considered themselves proficient in data analytics, highlighting a barrier to effectively executing these plans.  Nearly 30% of respondents stated that introducing new technology services focused on improving efficiency and security, such as instant payments, is critical to staying competitive.

To deliver these services, 20% of the surveyed banks plan to collaborate with other companies over the next five years.  All community banks looking to expand their offerings expressed interest in wealth management services, and over 95% showed interest in treasury services. The survey results suggest a growing willingness among community banks to partner with larger institutions and fintech companies to enhance customer offerings and streamline internal processes. Areas of interest include automated loan services, e-signature capabilities, and mobile wallet/payment app technologies.

According to officials from BNY, the survey aimed to gain a deeper understanding of the strengths and challenges community banks face and the solutions they seek to serve their communities more effectively. They noted that the findings underscore the significant role community banks play in supporting economic growth, as well as the importance of institutions like BNY in helping these banks meet their goals. Other developments from BNY In September 2024, the BNY announced that it entered into a definitive agreement to acquire Archer, with the financial institution aiming to augment its offering.

By merging Archer’s capabilities and BNY’s broader footprint and industry knowledge, the financial institution intends to provide fully integrated, end-to-end retail-managed account solutions across its platform. The decision to acquire Archer can be attributed to the capabilities of managed accounts, which represent one of the fastest-growing investment vehicles in the asset management industry. Source: Link .


Sep 24, 2024 15:10
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