Dive Brief:

• BNY is introducing an initiative that offers free training for community bank executives on key industry topics and invests millions in nonprofits furthering financial literacy, the New York City-based bank said Wednesday.
• The initiative is designed to support community banks and nonprofits, offering training for 1,000 community bank leaders, BNY said.
• The bank will also give $10 million to U.S.-based nonprofits promoting financial wellbeing in their communities, and enhance financial education “across all levels” of its own employee base, BNY said.

Dive Insight:

Training for community bankers across the country will include sessions led by BNY senior leaders, with topics such as cybersecurity, artificial intelligence, data analytics, corporate finance and strategic planning, the bank said. 

BNY, a $439 billion-asset custody bank whose clients include other financial institutions, cited its 2024 survey of community bank decision-makers, which showed cybersecurity is the biggest concern, where less than 20% of local bankers see themselves as experts in data analytics. 

BNY’s community banking and solutions group, led by Shofiur Razzaque, serves community banks with things like payment solutions within BNY’s treasury services business; he said last year the bank wanted to “expand these relationships.” 

Education for the bank’s employees will include digital learning and interactive programs, designed to arm staffers “with practical knowledge to enhance their own critical personal finance skills,” BNY said. 

The move is aimed at “embedding financial education as a core element” of the bank’s culture, BNY said. 

“We’re focused on elevating financial education across community banks, nonprofits, and our own teams,” Jayee Koffey, BNY’s chief enablement and global affairs officer, said in the release. “It’s rooted in our belief that access to knowledge, especially early on, makes a lasting difference – every step matters, and broader participation strengthens the financial ecosystem for everyone.”

A BNY spokesperson didn’t immediately respond to inquiries related to the bank’s total investment in the program and parameters for community bank leader participation. Bankers from lenders with less than $10 billion in assets will be eligible to take part, and participants can attend training sessions of their choice, American Banker reported. BNY aims to reach bankers through CEOs, state associations and trade groups.