Independent Banker - March 2019 - 64

via video. " That set an expectation for me, and I started
thinking, 'Why can't I speak with my banker on a Sunday
afternoon while looking for a house to determine if I can
aff ord it or to begin the process of purchasing it? " he
says. " I realize that having a live person is not sustainable
24/7, but that's what we as consumers expect. We want
things to be catered to us and we want everything in
real time. "
JP Morgan Chase & Co., Capital One and other big banks
have done a good job quickly opening up an account online,
says Nichols of CenterState Bank. " Traditionally, banks
make their customers come into a branch to establish a
relationship, " he says. " Now, the expectation is to not only
be able to open an account via mobile, but to be able to do
it in under 15 minutes, and preferably fi ve minutes. "
Bolton says instant access is key. " This is in the form
of personal relationships with bankers [and] continually
improving mobile app functionality. For some customers,
it's as if internet banking has been replaced by the ability to
log in to their app instead. We have to always be focused on
removing the extra steps. "
Bolton sees community banks as having an opportunity
to add tools that allow the customer to budget other
accounts or credit cards they have with other institutions,
giving them a larger fi nancial picture at their fi ngertips.
Banks could also provide options for fraud alerts, balance
alerts or notifi cations letting customers know when a check
clears, he adds.
" What has kept community banks as relevant players in
the fi nancial industry has always been the local, personal
touch and willingness to work out the nitty-gritty details
of complex customer needs at a personal level, " says Peter
Cherpack, executive vice president for Ardmore Banking
Advisors in Ardmore, Pa. " While the regional and larger
players hold most of the cards, the community bank has
always had the local handshake. "
Jeff rey C. Gerrish, chairman of the board of Gerrish
Smith Tuck of Memphis, Tenn., points out that as
customers become more accustomed to everyday banking
off erings, the community banks that are often most
successful will not only off er the typical deposit and loan
64 Q ICBA Independent Banker Q March 2019
products, but cultivate niche off erings based on their
geography or customer base.
For example, Laurel Road Bank has developed a
signifi cant position in its competitive tri-state market by
specializing in student loan refi nancing, particularly for
those in the medical industry. Other community banks
might focus on agricultural lending or commercial real
estate, Gerrish says. " A lot of community banks have
become niche players, " he adds. " But, if they're going to
play in that niche, they really need to focus on what that
particular niche needs. "
This strategy is in line with the increasing customization
that today's always-on customers have come to expect.
" Since this is not a one-size-fi ts-all process, " Dominguez
says, " each bank has to determine where they are in this
journey and prioritize the key capabilities they want to
focus on. "
In addition, community banks that want to better
compete must modernize their processes by implementing
smooth and easy online and mobile account-opening
solutions " with steps like adding selfi es to verify their
identity, " Dominguez says.
The key to winning business
According to the Salesforce report, seven out of 10
customers say connected processes like seamless handoff s
or " contextualized engagements " based on earlier
interactions are critical to winning their business. The
software company's survey respondents also say that
they are nearly four times more likely to see seamless
transitions and handoff s between channels as important,
not unimportant.
It's important, Dominguez warns, not to overlook the
role branches can play in appeasing and winning over these
tech-savvy customers. Successful community banks have
looked to speeding up processes and utilizing biometric
technology to " create frictionless experiences at the branch
to meet customer expectations of accessing their account
information quickly, or truly digitizing a branch to serve a
specifi c market segment, " he adds.
" The key is that fi nancial institutions are aware of these
Independent Banker - March 2019

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