Consumers and businesses have high opinions of community financial institutions (FIs) but increasingly demand digital banking services, so “for community banks and credit unions that have fallen behind the digital transformation curve, the opportunity cost of not modernizing is now a matter of survival.”
Those are some conclusions in a report released last week by digital account opening solutions provider MANTL. The report by the New York-based fintech surveyed 1,000 bank account-holding consumers aged 18 and older; 500 account-holding small business owners (SBOs) whose companies have annual revenue of $25 million or less; and 100 community bank executives and 50 credit union executives at the vice president or higher level managing between $500 million and $50 billion in assets.
Read the full article in Bank Automation News here.
