The Problem For Small-Town Banks: Technology Has Redefined Community

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 a more excellent, dependable era.

The Problem For Small-Town Banks: Technology Has Redefined Community 1

Big banks have boosted profits in current years by focusing on the most critical U.S. Cities that are densely populated and more affluent. In the meantime, the community banks seeking to fill the gaps they go away at the back of are struggling.” Not highly, this elicited remarks on Twitter from network bankers: “This is so deceptive. Pick one underneath the 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 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 of 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 a consultant of other network banks. The Real Cause of Struggling Community Banks’ Struggles It’s unfair to compare the National Bank of Delaware County plights to the Citizens Bank of Edmond. YOU MAY ALSO LIKE NBDC is located in an economically depressed area in rural New York. Edmond, on the other hand, is a thriving suburb of Oklahoma City. It became 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.

Duane Simpson

Internet fan. Zombie aficionado. Infuriatingly humble problem solver. Alcohol enthusiast. Spent several months exporting UFOs in Jacksonville, FL. A real dynamo when it comes to exporting gravy in Tampa, FL. Spent 2001-2004 implementing saliva in Edison, NJ. Had moderate success getting my feet wet with junk food on Wall Street. Practiced in the art of building Virgin Mary figurines in Tampa, FL. Practiced in the art of marketing Roombas in Phoenix, AZ.

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