Regional and community banks need to balance making tough near-term choices, with their one-two year digital and growth strategies.

Like all business leaders, in recent days, banking executives’ attention has dramatically shifted to the unprecedented dual public health and financial crises resulting from the Coronavirus. In the immediate term, CEOs and their teams are rightfully prioritizing employee health and safety, business continuity, and protection against extensive downside risks and threats to the broader financial system.

This crisis is impacting banks of all sizes - but even before the current crisis, community and regional banks were under immense pressure due to the following challenges:

• Larger competitors making massive investments to improve or launch direct channels capable of competing for customers in smaller markets
• The continued influx of compelling new fintech entrants across the value chain
• Rapidly changing customer demands across all segments, with the expectation of digital-first service
• Acceleration of M&A activity including dramatic plays such as Morgan Stanley’s recent acquisition of E-Trade and LendingClub’s acquisition of Radius Bank
• The war for talent heating up

And now a global pandemic.