OBSERVATIONS FROM THE FINTECH SNARK TANK In The Problem for Small-Town Banks: People Want High-Tech Services, the Wall Street Journal instructed the tale of 1 small upstate New York bank: After the National Bank of Delaware County (NBDC) sold Bank of America’s only branch in an upstate New York metropolis, it didn’t take long for things to go south. People waited in 4-hour-lengthy lines at the Monticello, N.Y., branch and withdrew almost half of their deposits, moving them to banks with more excellent dependable era.
Big banks have boosted profits in current years by focusing on the most critical U.S. Cities that are densely populated and greater affluent. The community banks seeking to fill the gaps they go away at the back of, in the meantime, are struggling.” Not highly, this elicited remarks on Twitter from network bankers: “This is so deceptive. Pick on one underneath appearing bank to symbolize the entire…I am happy with our tech options!” –Andy Schornack, CEO, Security Bank & Trust (M.N.) “Community banks are worthwhile and thriving. Most offer technology that makes transactions seamless.” –Tanya Duncan, SVP, Massachusetts Bankers Association “Visit @CitizensEdmond where we began the cafe financial institution branch (with a robotic coffee gadget no much less), invented our personal teller-less 24/7 financial institution branch, host a monthly road festival w/ 25,000+ attendees & the CEO is offered 24/7.”
–Jill Castilla, CEO, Citizens Bank of Edmond (OK) Schornack turned spot on in criticizing the WSJ article for narrowly focusing on one financial institution. But Castilla’s response is responsible for the identical accusation–the fantastic work being done with the aid of her bank is hardly ever consultant of other network banks. The Real Cause of Struggling Community Banks’ Struggles It’s unfair to compare the plights of the National Bank of Delaware County to Citizens Bank of Edmond. YOU MAY ALSO LIKE NBDC turned into located in a economically depressed area in rural New York. Edmond, on the other hand, is a thriving suburb of Oklahoma City. It become ranked #1 on CNBC’s “10 Perfect Suburbs” listing in 2011, and became one of the “Top 100 Places to Live” via Relocate America in 2007. The WSJ said this approximately NBDC’s domestic town of Walton, NY: Decades of financial trade altered the cloth of Walton.