Independent Banker - November 2022 - 22

PORTFOLIO
ITMs and VTMs are
popular retail banking
innovations among
community banks.
◎FOCUS RETAIL BANKING
Retail banking
trends for 2023
What's on the horizon for retail banking? We spoke with two community
banks that have ramped up their services to meet-and exceed-the
changing expectations of customers. By William Atkinson
ccording to a new report from
PwC titled " Retail Banking
2025 and Beyond " (see sidebar), the
retail banking industry is undergoing
tremendous change-but, of
course, community bankers already
know that.
" A few years ago, it was a fairly
straightforward business, but today,
technology and innovation, increasing
competition, regulatory complexity,
embedded finance, consolidation
and evolving customer expectations
A
are placing immense pressure on
traditional business models, " the
report said.
This intricate and evolving web
of trends influences who consumers
trust and how they prefer to conduct
their financial lives. It also forces
banks to address the fundamental
question of what a financial
institution is-and what value
it provides.
So how are retail banks meeting
this challenge?
Community banks are constantly
looking to the future and identifying
what customers want. One such bank
is $1.7 billion-asset One Community
Bank (OCB) in Oregon, Wis. It has
introduced a plethora of new retail
banking initiatives in the past couple
of years, including online account
opening for anyone in the state of
Wisconsin. The community bank
offers a variety of deposit offerings
through its online account platform,
which can easily be accessed from
its website.
" Importantly, as we have created
and launched new promotional
products with preferred rates, we have
made those products available in the
online platform, " says Jeff Versluys,
executive vice president and chief
retail officer for OCB. The initiative
is working. " The number of accounts
that have been opened via this new
channel has significantly exceeded
our expectations. "
In addition, several of OCB's
locations in Dane County boast
interactive teller machines (ITMs).
22 Q ICBA Independent Banker Q November 2022

Independent Banker - November 2022

Table of Contents for the Digital Edition of Independent Banker - November 2022

Table of Contents
Independent Banker - November 2022 - Intro
Independent Banker - November 2022 - Cover1
Independent Banker - November 2022 - Cover2
Independent Banker - November 2022 - Table of Contents
Independent Banker - November 2022 - 2
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Independent Banker - November 2022 - Cover3
Independent Banker - November 2022 - Cover4
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