There are over 6,000 community banks in the US. Many of these manage significant assets, and have meaningful IT budgets. Their small business and consumer customers are looking for competitive digital banking services. But community bank technology is often outdated, and difficult to enhance. What an opportunity for FinTech!
There is no clear asset size dividing line for community banks. We could consider the 140 or so with between $5 and $25 billion in assets as regionals. But 520 banks have between $1 and $5 billion of assets. Nearly 700 sit between $500 million and $1 billion.
