Community banks enter the digital world, with a little help from their partner friends

As companies like Amazon redefine consumer expectations for service delivery, businesses and banks find themselves in a race to adapt. With 89% of Americans now using digital banking services,¹ one thing is clear. The demand for simple, convenient online interactions is here to stay. This has pushed many banks to move beyond basic account services to digital offerings like online payments and cost-saving solutions that can help businesses survive and thrive in today’s world.

Community banks, which traditionally focused on personalized service, are no exception. In a recent survey of community banks, over 63% of respondents said that “adopting new or emerging technologies was essential for meeting customer demand.”² Community banks without robust digital options risk falling behind.

Buy, build or partner?

Faced with the need to innovate even as technology continues to evolve, community banks are now at a crossroads: should they buy, build, or forge partnerships to stay competitive with their digital banking solutions? Large banks may spend millions of dollars buying or building the systems and infrastructure to support those demands, with ongoing expenses for maintenance and back-end support.

Alternatively, many community banks across the United States are finding that a partnership with a knowledgeable, tech-savvy fintech company is a practical option, giving them the ability to offer advanced digital solutions without straying from their fundamental business strengths or incurring the unpredictable costs of maintenance, modernization and support.

None of us can afford to do everything ourselves, and in the banking world, partnering with an innovative financial payments and technology company just makes sense.

Choosing the Right Fintech Partner

Selecting the right fintech partner is crucial. Community banks should look for partners that can integrate effortlessly with their existing operations, offer scalable solutions, and anticipate the needs of an evolving market. The most effective fintech partners continually improve and update their products and services with a focus on both expanding revenue opportunities and increasing customer loyalty and retention.

The core of a successful bank-fintech partnership is the blend of DIY (Do It Yourself) digital solutions with DIT (Do It Together) personalized support. The best fintech companies ensure their technology not only enhances efficiency but incorporates a human element, so their bank partners feel supported at every step. The bank should feel confident that their fintech partner represents them and their brand well, amplifies their reputation, and can offer 24/7 customer support in all appropriate languages.

Elavon: A Case Study in Successful Partnerships

Elavon, a leader in financial payments and technology, has been instrumental in helping community banks bridge traditional 

banking services with the digital tools necessary to serve their small and medium-sized businesses effectively. Utilizing an open, consultative approach, Elavon offers solutions that are in sync with how community banks meet customer needs, including advanced payment processing, e-commerce, digital application and boarding, e-signatures, and instant approvals.

Just as importantly, Elavon understands that community banks need to meet their business customers exactly where they are—whether online, on mobile, or in-person. Easy integration of services across different channels ensures a consistent customer experience that builds familiarity and strengthens trust and loyalty. And like their bank partners, Elavon's reliable support options are just a call or click away, ensuring that business customers and merchants can navigate their financial journeys with confidence.

Learn more about how a partnership with Elavon can give your bank the tools it needs to succeed in the digital age, while preserving the personal touch that sets you apart. With Elavon, you’re not just adapting to change—you’re shaping the future of banking.

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1 - https://ecommercetips.org/digital-payments/

2 - https://www.federalreserve.gov/publications/files/community-bank-access-to-innovation-through-partnerships-202109.pdf