Smaller financial institutions struggle under the economies of scale associated with compliance. Simply put, the relative cost of compliance increases as the size of the bank decreases. Between 2008 and 2018, one in four community banks disappeared. This decline is driven by operating inefficiencies, lack of access to new technology, demographic changes, and increasing regulatory requirements.
During this week's webinar, CEO Gary M. Shiffman, PhD, and Joseph Cooch, Manager of 3rd Party Risk for Sunrise Banks, discussed the opportunities and challenges provided by new technologies and stiffer regulation protocols for community level banks. See below for the full recording of their conversation.