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Communitybanks approved 49 percent of SMB loan applications in November, according to the latest data from the Biz2Credit Small Business Lending Index. But small business lending is only one part of the banking puzzle. SMBs demand access to robust solutions, from mobilebanking to advisory services.
Cross River Bank has partnered with a range of FinTech startups since its 2008 launch, including collaborations with Stripe , Coinbase and Affirm , reports said. Seed members will be migrated to Cross River as the communitybank expands with new offices in California and Oregon. reports said.
MOXY bank , preparing to be one of the first new communitybanks to launch in the U.S. in decades, has announced that it is working with technology solutions company NYMBUS to integrate its core digital banking and payment services.
Which is a bit of a problem, since there are objectively fewer banks now than there were even five years ago. According to the FDIC, banking branches are at their lowest level in a decade with only 93,283 left open. Physical banks reportedly hit their peak in 2009 and have declined 6 percent since then.
The pandemic, said NCR’s Brown, “is the ultimate stress test on every channel that a bank has to offer” — especially as measured across digital products and services. “We If you talk to a bank CEO, they will tell you that most of them want to grow deposits, unless you are big enough that you worry about allocating capital.
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