Community Banks are a vital component of the US Banking and Financial services industry, accounting for nearly 97% of banks in the US, and account for less than 20% of overall assets and loans.
The US banking industry comprises ~5,300+ Credit Unions, with the market size of the Credit Unions industry expected to increase by 6.2% in 2022.
Growing margin pressures, intense competition, compliance issues, regulatory constraints and most importantly, legacy technology are among the key challenges faced by community banks and credit unions.
In a banking world where digital platforms, embedded finance, and Fintech ecosystems are gaining prominence, a modern core paired with next-gen digital solutions can offer the right tools for community banks and credit unions to play well and remain competitive. These institutions are realizing that the time is now to move faster, replace the ageing systems, and acquire advanced capabilities.
The webinar discussed the key considerations of core modernization and digital tools, including benefits, approaches, use cases, and critical success factors that community banks and credit unions need to address as they embark on the transformation journey.
On the panel were:
- Narendra Mistry, Chief Product Officer – International Universal Banking, Finastra
- Chris Cucci, SVP, Chief of Staff, Climate First Bank
- V Ramkumar, Senior Partner, Cedar Management Consulting