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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Technology can help community banks offer online and mobile access, more payment choices, and—in some cases—instant payments. Fintech partnerships and shared payment networks make these services possible, but a bank’s connection to a network does not guarantee that every customer can use every feature. Check your own bank’s services and terms before relying on a particular capability.
How technology can help community banks serve customers
Community banks can use technology developed in-house, buy services from vendors, or partner with fintech companies to add capabilities. Partnerships can give a bank access to new tools without building everything itself, but they should fit the bank’s goals and risk profile. The Federal Reserve’s guidance on community bank access to innovation through partnerships stresses evaluating those relationships and managing third-party risk.
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For customers, the useful distinction is not whether a bank has a technology partner; it is what the bank actually lets them do. Online and mobile banking are examples of consumer-facing technology, but functions vary by institution. A vendor or network connection alone does not establish that a customer has mobile deposit, bill payment, a digital wallet option, or any particular payment feature.
What instant payments can do
The Federal Reserve launched its FedNow Service in July 2023 as an interbank instant-payment service. It can support payments at any hour and immediate availability of funds to a receiver when the relevant institutions participate and make the capability available to their customers. That can be useful when someone needs funds quickly or wants to make a just-in-time payment to manage cash flow. The service’s network capability is not a promise that every bank customer can send or receive instant payments.
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Participation has grown, but it is not universal. The Board of Governors of the Federal Reserve System reported that 1,192 institutions, including community banks and credit unions, had joined FedNow by the end of 2024, a 33.5% increase from the end of 2023. Joining the service does not by itself tell a customer which transactions their bank supports, whether sending and receiving are both enabled, or what limits and eligibility rules apply. See the Board’s 2024 Annual Report section on payment-system and Reserve Bank oversight.
Why customers are looking for more payment choices
In a 2023 consumer survey published in 2024, Federal Reserve Financial Services reported that 74% of consumers had used faster or instant payments and 79% looked to their financial institution to provide those services. The publisher also reported growing digital-wallet use. These findings describe consumers broadly, not customers of community banks specifically, and the publisher markets related payment services.
Mark Gould, chief payments executive for Federal Reserve Financial Services, said, “The growing demand for faster and instant payment services suggests that tools like the FedNow® Service will continue to play a crucial role in helping financial institutions meet their customers’ needs.” The statement comes from the provider of FedNow and publisher of the survey. The survey results and quote appear in Federal Reserve Financial Services’ May 6, 2024 announcement.
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What technology investment does—and does not—tell customers
More technology investment may support new services, but bank-level performance figures do not show that customers will automatically get lower fees, better rates, or improved service. A 2026 analysis by the Federal Reserve Bank of Kansas City, using FFIEC Call Reports, found that IT and marketing spending rose from 4% of aggregate commercial-bank spending in 2004 to 19% in 2025. That is a measure of bank spending, not a measure of consumer benefit.
The same analysis modeled a scenario in which increasing a bank’s IT spending share from 20% to 40% was associated with return on equity rising from an 8.2% baseline to 9.1% initially, with the increase sustained over five years. This is a modeled association, not a forecast for a particular bank or a direct estimate of household outcomes. The authors also note that higher deposit income could reflect greater productivity or prices charged, so the analysis does not establish that investment lowers customer costs. Read the Kansas City Fed analysis of technology investment and bank performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to check whether your bank offers a feature
Ask your bank about the service you want rather than relying on a general claim that it is “digital” or connected to an instant-payment network. Useful questions include:
- Which online and mobile functions are available to my account, such as bill payment or mobile deposit?
- Can I send instant payments, receive them, or both? Which payment network is involved?
- Are there transaction limits, account eligibility rules, fees, or enrollment steps?
- Is the service available around the clock, and what happens if a payment cannot be completed instantly?
- Which company or service provider handles parts of the feature, and where should I go for security questions or support?
Availability, terms, and support responsibilities depend on the individual bank and its arrangements. The Federal Reserve Office of Inspector General has highlighted cybersecurity supervision and IT risk management for community banking organizations; its May 28, 2025 report provides context for why oversight matters alongside convenience.
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