Part 1 of this post discussed why community banks shouldn't be worried that technology is going to put them out of business. Part 2 describes how smaller banks can leverage their community to engage with customers.
By Parker Steed, Client Success Manager
Play to your Strengths
Technology isn’t everything. As a small institution, you know your online banking users better than any megabank. Your users need to know you care about them. So talk to them. Implement their ideas. Focus on building a community they can’t find elsewhere.
Business Insider says that to put up a fight in the space you need to “make customer service the linchpin of [your] business models.”
A financial services institution in Vermont has been seeing interesting patterns in its branch activity. Some of the branches have almost entirely converted to digital channels, while others still use the local branch as a place to grab coffee and connect with neighbors. This institution is hosting and sponsoring events near these active branches and seeing monumental growth.
Staying current and leveraging your strengths is critical to your survival. But don’t neglect the people you are in business to serve. Get out and talk to your users and take their input seriously. If you have a community, then work hard to understand and strengthen it. If you don’t have a community, then get building.