New Breeds of Partners Are Key to Community Banks’ Competitive Ambitions

The Voice of Community Banks Survey from BNY reveals a sector caught between perception and reality. Nearly 50% of institutions believe they’re viewed as innovative within their communities, yet 25% simultaneously see themselves as constrained in delivering competitive services. 

The survey highlights critical capability gaps threatening community banks’ ability to meet evolving customer demands: 40% struggle to offer competitive loan rates, over 35% can’t provide high-yield savings or advanced investment options their customers request, and despite 90% claiming readiness to initiate digital transformations, fewer than 20% possess the data analytics expertise essential for success. 

For retail banking executives serving or competing with community banks, these findings reveal an industry eager to partner on new products, particularly wealth management and treasury services. 

Check out the survey and the levels of alignment between community banks and small businesses on current and future services.  Read more.