Veritran, shared an update Posted1 day AGO Can digital remittances be an opportunity for community banks? According to the BNY Voice of Community Banks Survey 2024, more than 90% of U.S. community banks say they are ready to begin digital transformations. Yet many don't feel they have the in-house expertise or the resources to carry them out. Meanwhile, digital banks and fintechs are expanding aggressively, in a context where younger... Read More Can digital remittances be an opportunity for community banks? According to the BNY Voice of Community Banks Survey 2024, more than 90% of U.S. community banks say they are ready to begin digital transformations. Yet many don't feel they have the in-house expertise or the resources to carry them out. Meanwhile, digital banks and fintechs are expanding aggressively, in a context where younger customers are willing to move their deposits in exchange for better digital experiences. There's an opportunity here if we look at it from a product perspective. Take remittances. According to the Niskanen Center, remittances sent from the United States alone reached 93 billion dollars in 2024, and up to 230 billion when informal channels are included. Since many community banks still rely on manual processes for international transfers, it's reasonable to assume that people sending money today could shift to digital channels if the experience were built directly into their existing banking relationship. Even moderate adoption could translate into significant transaction volume without the bank having to acquire a single new customer. That's why community banks don't need to reinvent themselves overnight, but they do need to go digital with the right partners to support them through this process, partners that can integrate new digital tools into their traditional channels and deliver easier, safer experiences for their customers. Read Less
Veritran, shared an update PostedThursday, May 28, 2026 at 12:04 PM If 97% of U.S. hashtag#banks are community banks… why do so many still operate like it’s 1995? For those less familiar, community banks are smaller, locally focused financial institutions that fuel local economies — providing nearly 35% of small business loans, 30% of commercial real estate loans, and 70% of agricultural loans nationwide. They are vital to households,... Read More If 97% of U.S. hashtag#banks are community banks… why do so many still operate like it’s 1995? For those less familiar, community banks are smaller, locally focused financial institutions that fuel local economies — providing nearly 35% of small business loans, 30% of commercial real estate loans, and 70% of agricultural loans nationwide. They are vital to households, farmers, and small businesses, but the race to digital transformation is becoming unavoidable. Perception gap: 50% see themselves as innovative, yet 25% feel limited in what they can offer. Tech priorities: Nearly 30% say instant payments, automated loans, and digital onboarding are critical to stay competitive. AI adoption: Almost 40% already include AI and machine learning in their strategic vision. Partnerships matter: 20% are looking at fintech collaborations within the next five years to bridge capability gaps. 👉 The reality is undeniable: community banks may still be trusted cornerstones in the U.S., but without rapid adoption of technology, analytics, and strategic partnerships, their relevance — and even their survival — is at stake in a market that demands speed, security, and seamless experiences. At Veritran, we believe digital transformation isn’t just a competitive advantage — it’s a lifeline for community banks and the communities they serve. Contact us for more details! Read Less