BNY Releases The Voice of Community Banks Survey

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." Story continues 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 [email protected] Cision View original content:https://www.prnewswire.com/news-releases/bny-releases-the-voice-of-community-banks-survey-302255494.html SOURCE BNY View comments