As the fight for fee income intensifies, community banks are looking for new ways to compete in an ever-changing landscape. Larger banks are eliminating overdraft, ATM, and other fees that will drastically hurt the bottom lines of community banks. Moreover, government agencies have suggested it may be cracking down even more on fee income.
Keith Daly, Principal of Banking & Fintech Search at Travillian, sat down with Damon Magnuski, Founder and CEO of Acceleron Bank, to delve deeper into these topics. Acceleron Bank is a digital firm that partners with community banks and credit unions to offer FX payment services, which can help turn losses into a profit-generating service while keeping customers engaged with their local financial institutions. As business becomes even more global, community banks and credit unions need a way to produce revenue from international transactions and Damon discusses the potential of new streams of income.
