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Out-of-state banks from Massachusetts and New York are making big moves in Connecticut that will reshape the competitive landscape, and they’re using different strategies to grow their local footprints.
Upstate New York’s M&T Bank, with $142.2 billion in assets, is making the biggest splash with its $7.6 billion planned acquisition of Bridgeport-based People’s United Bank, a deal that when completed will give it 183 branches and $27.8 billion in deposits in Connecticut alone. (Currently M&T has just nine branches in the state.)
On the other hand, M&T’s neighbor in Norwich, N.Y., NBT Bank, is pursuing a de novo strategy in Connecticut, dipping its toe in the waters with new branches in Glastonbury and potentially West Hartford.
Nymbus provides banking in a box tools for smaller banks to launch digital offerings.
The startup announced Wednesday a $53 million Series C round led by Insight Partners.
Smaller banks have faced more pressure to expand their reach through digital offerings as a result of COVID-19.
Designing a new user interface for a bank s mobile app is a key challenge. For many customers it might be their first window into the bank, and it has to be easy and simple to use.
But developing a new front-end is only part of the problem banks face when upgrading their tech. Changing the back-office functions that exist behind the scenes is where the bulk of the work lies for smaller regional and community banks.