BNY Releases The Voice of Community Banks Survey

Rhea-AI Summary

BNY has released the results of its 2024 Voice of Community Banks Survey, conducted with Harris Poll. The survey polled key decision-makers in community banks across the United States on topics including digital banking solutions and fintech collaborations.

Key findings include:

• Over 90% of community banks are looking to initiate digital transformations, but less than 20% see themselves as data analytics experts.
• Nearly 30% believe launching new technology services focused on efficiency and security is critical for competitiveness.
• 100% of banks looking to expand capabilities want to provide wealth management services, and over 95% are interested in treasury services.

The survey highlights community banks' eagerness to collaborate with large institutions and fintechs on solutions for enhancing customer satisfaction and managing operations. BNY's Community Banking & Solutions team aims to support these banks in finding the right solutions for their needs.

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

 

View original content:https://www.prnewswire.com/news-releases/bny-releases-the-voice-of-community-banks-survey-302255494.html

SOURCE BNY

FAQ

What percentage of community banks are seeking digital transformations according to BNY's 2024 survey?

According to BNY's 2024 Voice of Community Banks Survey, over 90% of community banks surveyed said they are looking to initiate digital transformations.

How many community banks surveyed by BNY (BK) expressed interest in providing wealth management services?

The survey found that 100% of community banks polled that are looking to expand their capabilities expressed a desire to provide wealth management services.

What percentage of community banks see themselves as data analytics experts, according to BNY's (BK) survey?

Less than 20% of community banks surveyed see themselves as experts in data analytics, according to BNY's 2024 Voice of Community Banks Survey.

What percentage of community banks are interested in providing treasury services, based on BNY's (BK) 2024 survey?

Based on BNY's 2024 Voice of Community Banks Survey, over 95% of community banks looking to expand their capabilities are interested in providing treasury services.

What percentage of community banks surveyed by BNY (BK) believe launching new technology services is critical for competitiveness?

Nearly 30% of community banks polled indicated that launching new technology services focused on efficiency and security are critical to maintaining a competitive edge, according to BNY's survey.