At the start of 2020, Barwick Banking Company relied on paper ledgers and didn’t offer debit cards, let alone online banking. Now, a year later, the community bank in Barwick, Ga., offers all of that—and more—with an eye on expanding into new markets.
Community banks are building relationships through an active, thoughtful presence on social media. Rather than a distraction, these platforms are an extension of the close customer relationships that community banks foster. Here, experts share their top strategies for a winning social media presence.
As we start the new year, much remains uncertain. In general, “uncertainty” implies a state of limited knowledge that makes it impossible or impracticable to describe a future outcome.
Let’s take a moment to reflect on the challenges and victories of the past year and celebrate the heroic action that community banks took to meet the needs of their customers and communities.
The COVID-19 crisis and government interventions like the Paycheck Protection Program (PPP) have accelerated digital transformation, creating new opportunities for community bank innovation. From the start, community banks took swift and heroic action, processing 2.8 million PPP loans for their small business customers in a matter of weeks.
In a short time, artificial intelligence has gone from fodder for Hollywood blockbusters to an everyday tool inside businesses of all kinds, including many community banks. These institutions and their vendors are putting machine learning technology to work in nearly all areas of the bank, from compliance to fraud prevention.
The huge surge in Paycheck Protection Program applications caused many community banks to adopt new technology to speed up their commercial loan processes. Rather than being temporary measures, these solutions may stick around for the long term.