NBT Bank’s Post

Yep... out of all the Australian banks listed on Forbes World's Best Banks list 2024 we're #2 🥈 Through surveying in partnership with Statista, respondents rated on trustworthiness, terms and conditions (fees and rates), customer service, digital services and quality of financial advice. They also shared their overall satisfaction with each bank, whether they would recommend it to others. You know what they say... first is the worst, second is the best 🙌 https://lnkd.in/g5d3k7tB

Good news for Community Banks! A new American Bankers Association survey shows bank CEOs are expecting growth this year. Nearly half of community bank leaders are confident about their bank’s prospects for revenue growth over the next 12 months. The survey found that 48.9% say they are confident about their bank’s prospects, with the respondents saying they had plans to expand organically within current markets (60.8%); implement new technologies to reduce operating costs (52.8%); and introduce new products or services for consumers or commercial clients (45%). Community bank leaders were also asked about their greatest concerns. More than four in 10 (43.7%) cited net margin compression as the greatest threat to their bank’s growth prospects, followed by core deposit growth (16.7%) and liquidity (11.6%). Given the option to name other looming issues, several respondents expressed concerns about economic conditions and uncertainty. The survey found that while artificial intelligence has grabbed the attention of banking regulators, the technology remains out of reach for most smaller banks. Only one in four respondents (23.8%) reported that they plan to use generative AI or machine learning for marketing and customer service (20.8%) or to identify customer needs for developing new products/services (19.5%). There was little interest for other purposes, with more than three-quarters of respondents (76.8%) expecting AI or machine learning tools to cause no change on their bank’s workforce in the next one or two years. #communitybanking #strategicleadership

Every week, we share a few stories on banking and data that caught our attention and maybe didn't make the headlines. This week, we look at survey results from McKinsey and Jack Henry on consumer behavior and preference, how that impacts where community banks and credit unions are focusing their strategy, and where they're placing their investment bets in technology and innovation. all the links 👉 https://lnkd.in/dbMGV3fQ

FIS's latest research shines a light on the generational trust gap facing traditional banks in today’s digital age. With social media becoming the primary source of financial advice for younger generations, traditional banks are at a critical juncture to evolve and to claim their role as trusted advisors. This shift underscores the urgent need for banks to offer personalized, data-driven solutions to maintain consumer loyalty. Discover how banks can bridge this gap and enhance trust by reading the full press release: http://spr.ly/6041qrVsX

I'm excited to host a webinar with our partner, Shawn O'Brien at QwickRate next week! All are welcome to register at the links here and below: https://lnkd.in/gx9V3MeZ Description: Your next conversation with a stakeholder is just around the corner. Are you ready to present your bank? For community banks, performance matters to customers, the community, regulators, employees, and boards of directors. High performing banks are well positioned to grow and continue to serve their communities for many years. In this webinar, Christian Appleby from Siena Capital Partners will share how and why your performance matters to your stakeholders.   In this webinar, you'll learn: That the top 10% of banks in the country turned $1 of ownership into $4 over the past ten years. That the top bank in the country turned $1 into $9+. . . and in 2014 was less than $300 million in assets. . . and in a rural market in a highly competitive state (“how they did it” covered in the webinar). How these top banks excelled in a difficult banking market. This and more covered in the webinar.

🏦 👀 Which banks are Gen Z Americans most likely to consider when opening a new bank account, and why? 🔍 YouGov’s US consumer bank rankings report 2024 found that Bank of America is the most considered bank by Gen Zers looking to open a new bank account. 👉 Discover how consumer consideration changes across throughout different generations: https://okt.to/LEPIKn

Survey results published in January in American Banker revealed that “Data and Analytics” is the #1 spending priority for banks in 2024, with 53% of banks listing it among their top three priorities for the year. Banks are recognizing the massive potential of data and analytics in shaping their strategies and operations to meet evolving customer needs, streamline processes, and drive business growth in 2024.

BNY’s latest survey reveals that despite challenges, 90% of US community banks are ready for tech-driven change, but only 20% consider themselves data analytics experts. Find out more about the issues and solutions to this dichotomy, with comments from Shofiur Razzaque, Head of Community Banking & Solutions at BNY Mellon. #DigitalTransformation #Banks #DataAnalytics https://lnkd.in/eH-HdsAz

🏦 👀 Which banks are Gen Z Americans most likely to consider when opening a new bank account, and why? 🔍 YouGov’s US consumer bank rankings report 2024 found that Bank of America is the most considered bank by Gen Zers looking to open a new bank account.   👉 Discover how consumer consideration changes across throughout different generations: https://lnkd.in/dT6sYBuP

Heading into the weekend, I'm revisiting our conversation about the banking sector's future—your insights are genuinely shaping this discussion. Seeing the landscape through your eyes has been enlightening, and I'm eager for more of you to weigh in. What do you think poses the biggest threat to retail and commercial banks today? Here's where the conversation stands as of now: • Digital Transformation & Innovation: Leading at 53% • Shift in Customer Behavior: A close second at 29% • Risks in Volatile Markets: Holding at 18% • Other (Please specify in the comments): Yet to make a mark at 0% Every vote brings us closer to a more nuanced understanding of the challenges and opportunities ahead. Whether it's your first time seeing this poll or you're revisiting, your perspective is invaluable. Let's keep this important conversation going. Dive in, share your thoughts, and let's collaboratively navigate the future of banking with informed insights. #corebankingtransformation #digitaltransformation Survey link: https://lnkd.in/eef6-XKX