Community banks : Growth in turbulent times One of the key contributors to anticipated growth at community banks is new M & A opportunities ; fintechs continue to proliferate the market and many community banks are looking to streamline the experience offered to members by leveraging tech .
Acquiring and integrating fintechs into community banking systems has the potential to boost profitability too by attracting new members , and could make up lost earnings of today in later years .
Perhaps , though , the greatest opportunity for growth at community banks – as the financial world continues to tread the path of greater digitalisation – isn ’ t even an initiative led by community banks themselves .
As explained by O ’ Neill : “ The closure of bank branches could see community banks ’ importance in local communities grow .
“ More than 250 high street bank and building society branches in the UK alone will close this year – spurred by the transition to digital banking , which has lowered overall demand for branch services , as well as to cut costs amid economic uncertainty .
“ This is going to impact local communities , people who rely on cash , and small businesses massively , which could see more people use community banks as a replacement .”
So , as national and global banks shift away from in-person to digital customer
56 October 2023