California Banker Issue 4 2024

F Putting Deposits in Reach: Digital Growth Solutions for Small Banks By Ben McLaughlin, President and Chief Marketing Officer, Raisin US

rom supporting small businesses to reaching com munities that may have more limited access to banking services, small banks play a vital role for the communities they serve. However, in an increasingly digital economy, these small er institutions can face struggles as varied as increased competition from larger institutions to higher costs for compliance and cybersecurity protection. Add to those struggles decreased consumer confidence in banking and a widespread consumer assumption that larger financial institutions are safer and there now ex

ists a playing field that has never been more uneven for small banks. That doesn’t mean all is lost, however. In many ways, community banks are working to differentiate them selves while also looking to fintech innovation to solve their unique challenges. A Changing Environment In 2023, failures of large financial institutions like Silicon Valley Bank and First Republic Bank shook consumer

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