Community Banking Market set to soar, with key players like BCB Bank

January 23, 2024
1 min read

The global community banking market is projected to reach USD 207.21 billion by 2027, growing at a CAGR of 5.3% from 2022 to 2027. The market is driven by factors such as the rise in adoption of microlending in developing nations and the increasing adoption of digital platforms. However, the lack of awareness about community banking services is expected to hinder market growth.

Some of the key players in the community banking market include Bay Community Bancorp., BCB Bank, and Bendigo and Adelaide Bank Ltd. These companies offer a range of community banking services such as financial loans for construction projects, financial support for construction businesses and small to medium business enterprises, and financial loans to medical institutions.

The market is classified by geography into North America, APAC, Europe, South America, and the Middle East and Africa. North America is expected to have the largest market share, accounting for 53% of the growth during the forecast period. The rapid expansion of digital connectivity and the presence of well-known vendors in the region are driving market growth.

Community banking in metropolitan areas is growing due to modern preferences for mobile banking platforms and e-wallets. This segment offers a range of services including local branches, small business loans, retail and personal banking services, mortgage and commercial loans, online and mobile banking, checking and savings accounts, CD, wealth management, and financial advisory services.

The digital banking platforms market is expected to increase by USD 21.07 billion from 2022 to 2027, with a growth momentum of 14.52% CAGR. The merchant banking services market is estimated to grow at a CAGR of 6.13% between 2021 and 2026, with an increase in market size of USD 24.46 billion.

In conclusion, the global community banking market is projected to experience significant growth in the coming years. Factors such as the rise in microlending and the adoption of digital platforms are driving market growth, while the lack of awareness about community banking services hampers growth. Key players in the market are offering a range of community banking services to meet the needs of various industries.

Don't Miss