Magazine : Archives : 4th Quarter 2018

Technology Survey

Community banks face numerous competitive threats in their pursuit to attract new customers and retain existing clients. These threats have traditionally hailed from big banks like Bank of America Corp., regional financial institutions and smaller, local competitors such as credit unions and nearby community banks. But more recently the list has expanded to include digital banks as well as nonbank, technology-oriented companies like PayPal, SoFi and even Amazon. Yet, while the competitive universe is expanding, the 2018 Technology Survey, sponsored by CDW, finds that many banks haven’t reoriented their strategies to face these newfound marketplace hazards. When asked to identify...