With the recent announcement of the merging of BB&T and SunTrust banks, many small community banks are left wondering how they can possibly find their place in such a competitive market. This $66 billion merger, announced in February of this year, will make the as-yet-to-be-named entity the 6th largest bank in the United States. Will customers clamor to join this new banking family, tempted by what they imagine to be a more successful and convenient banking experience?
Time will tell, but in Surety Bank’s nearly-one-hundred years of service to our community, we’ve learned a few lessons that leave us feeling confident that community banking will always have a place in the midst of this big banking universe.
It’s important, in community banking, to have clarity about what you bring to the table that your customers can’t get anywhere else, as well as the ways in which you can continue to grow and develop with the times. Small banks offer something that the larger banks never can. Our customers know they will never be just a number, they are comforted by our investment in our local community, and they know from experience that our values remain unchanged over the years. These are things we should celebrate. But what other ways can we position ourselves as alternatives to the larger banks?
Investments In Technology
American consumers have gotten used to the convenience and ease of online platforms for managing their banking, shopping, and bill paying needs. For many people, this type of cloud-based interface is no longer a convenience, but an expectation. While for many years, access to this technology was relegated to big business, technological advancements have made them readily available for smaller businesses as well. Your customers expect the convenience of cloud-based, online banking, and the only way community banks can hope to be competitive is by investing in these technologies and advancing with the times.
Hiring The Best And Brightest
Unlike the gargantuan national bank down the road, you don’t have to hire hundreds of people per branch in order to keep your business running. The greatest benefit in this is the opportunity to hire select, high-end professionals at competitive salaries to provide your customers with the best resources possible. Are you looking for a new person to head up your mortgage department? Consider a national search to find the person who is the right fit for your bank and community, who also has the level of expertise that will bring your business to the next level.
Superior Customer Service
There is simply no substitute for customer service, and community banks have the market cornered on it. Your mega-bank competitors couldn’t possibly come up with enough promotions or programs to compete with the satisfaction of real relationships. Take advantage of this natural edge you have over the competition and make superior customer service an integral part of your company’s mission.
In a world where everything seems to be getting larger, there will always be a place for small community banks. Your customers continue coming back, time and again, because they crave the intimacy and trust they find when they enter your business and engage with your employees. And sometimes, the best way to compete with the largest banks on the market is to play up your advantages.
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