As auditors, we consider risks to the bank. The more I read about fintech and the developments I see the more risk I see for the community banks with multiple branches and legacy Frankenstein core systems with various bolt-ons meaning any significant change is very slow and painful.

It seems the new trend is the digital bank, no need for a branch, low overhead, automated procedures. How can we compete?

What are your banks doing to prepare for this? Are your banks aware of this?

Fintech banks are currently low on BSA compliance once the CMP's set in we will be on equal footings.

I'm less concerned with FinTech as the risk to community banks and more concerned with the regulatory burden and big banks and big credit unions as competition. In Oregon, the number of state chartered banks continues to decrease on a quarterly basis almost as we're bought, merge, are closed, etc.