Banker Report

Take a look around. Some of the greatest advances in technology are being applied to banking daily. 

In your rural, local bank? No, this tech is being rapidly applied in the well funded start ups and super banks in the largest cities in the country. 

So what? You may think to yourself… I don’t need an AI bot or a high tech mobile banking platform to make my customers happy. We’ve been around for 100 years, the folks in this community love us. We’re fine where we are.

This is the greatest trap community banks and credit unions are facing today – Complacency. 

It runs rampant through banks that believe that all this new tech stuff is bogus. The crazy part is though, in part, they are right! An AI bot is no match for the relationship you have with Jim Bob down the road. 

The Greatest Trap Community Banking Faces Today – Complacency

Complacency however, has never been the answer. These banks need to realise that you must grow and innovate or fail. Failing as a bank also means failing those relationships and only fans the flames of the competition.

Some will try to match the competition which will only lead them to burning a lot of cash and solving nothing. If they try to go toe to toe as a $350 Million total asset bank with a bank that has a marketing budget of $2 Billion, they will lose dollar to dollar.

However, if you capitalize on your strength, fight your game, which happens to be their weakness, you have a chance – a good chance at surviving and growing. 

The strength of community banks and credit unions are relationships. Consider ways to use the new rounds of tech to make the most of each relationship and build new ones! Every last one of your customers could use an additional account. They all need help investing, they all need help with financial planning, they all have their sites on something, a trip, a new house, or saving for retirement.

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