To satisfy the banking needs of some commercial and high-net-worth clients, some community banks provide trust and tax strategy services. These banks report that specialized services are a way to deepen their already close customer relationships.
Today’s tellers meet very different customer needs than they did just a decade ago. In the wake of trends like falling in-branch transactions and the rise of digital services, some community banks are filling the gap by retooling tellers with an array of new titles and skills.
It only took a few years for the U.S. payments space to see the development of game-changing faster payments technologies, and consumers are taking notice. Experts say the time is now for community banks to prepare for a future where these speedier transactions are the new normal.
Steven Giles of Central Bank of Kansas City and Donald J. Hawkins of kinly meet in Westwood Hills, Kan. The community bank and the fintech have forged a symbiotic partnership.
Many community banks don’t offer their customers investment advice or brokerage services but contracting with a third party could bring opportunities to deepen relationships with existing customers.
Starting in 2018, ICBA’s ThinkTECH Accelerator has helped create a new ecosystem of community bank-friendly fintechs through a rigorous incubator boot camp involving hundreds of community bankers serving as mentors. Read on to learn about this year’s fintech cohort and their diverse mix of lending, cybersecurity and other solutions.