Authored By: Sarah
22 Oct 2024

rise in adoption of microlending in developing nations. is driving the Community Banking Market

Latest News:- Community Banking Market: Metropolitan is expected to lead the Area segment during 2024-2028

Technavio analyzes that the Community Banking Market is expected to grow at a CAGR of 5.96% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 247.1 billion.There are various factors that contribute to the growth of the market. In developing nations, there has been a significant increase in the adoption of microlending as a community banking solution. Microlending, a type of small-scale lending, provides access to financial services for individuals and small businesses who are often excluded from traditional banking systems. This trend is driven by the growing recognition of the role microfinance plays in promoting economic development and financial inclusion. Microlending institutions, including community banks, are increasingly utilizing digital technologies to expand their reach and improve efficiency, making financial services more accessible to a larger population.

In the rapidly evolving financial landscape, community banks and other Financial Institutions (FIs) in metropolitan areas face increasing competition from large banks and digital financial solutions like remote deposit capture, mobile banking platforms, and e-wallets. With time-strapped consumers favoring online transactions for their convenience, banks must prioritize attributes such as robust security measures, seamless login processes, site availability, and comprehensive service integration on their digital platforms. To differentiate themselves, retail FIs are focusing on enhancing security, expanding accessibility, improving transactional capabilities, expanding service ranges, and offering varied product and feature sets. 

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Community Banking Market Segmentation

  • Area
    • Metropolitan
    • Rural and micropolitan
  • Sector
    • Small business
    • CRE
    • Agriculture
  • Geography
    • North America
    • APAC
    • Europe
    • South America
    • Middle East and Africa

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

  • Bay Community Bancorp
  • BCB Bank
  • Bendigo and Adelaide Bank Ltd.
  • Beyond Bank Australia Ltd
  • Coastal Financial Corp.
  • CSBS
  • Dime Community Bancshares inc.
  • First Community Bankshares Inc.
  • Fiserv Inc.
  • Flint Community Bank
  • Holland and Knight LLP
  • HSBC Holdings Plc
  • JPMorgan Chase and Co.
  • Morton Community Bank
  • PRIDE MICROFINANCE LTD.
  • Sound Financial Bancorp Inc
  • Summit Community Bank
  • The Co-operative Bank Plc
  • West Central Georgia Bank
  • Wintrust Financial Corp

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Research Analysis Overview

In the community banking sector, financial institutions catering to local communities face challenges during economic recessions, as deposits may decrease. However, they can leverage advanced technology like internet and mobile banking, remote deposit capture, and microlending to stay competitive against big banks. Rates and fees play a crucial role in attracting customers in metropolitan, rural, and micropolitan areas, particularly small businesses.

Market Research Overview

Community banking market refers to the segment of the financial services industry catering to the banking needs of local communities. According to our market analysis, this market encompasses deposits generated by community banks. In the event of an economic recession, the community banking market's performance may be influenced by changes in consumer spending and borrowing patterns. Our research covers the global community banking market size, focusing on revenues generated by community banks offering specialized services such as residential and commercial lending, wealth management, and personal banking. We exclude revenues from industries like casino and gaming, hotel and resorts, leisure facilities, restaurants, education services, and other non-banking consumer services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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