The traditional community banking model is a lot like Ford’s Model T – once the vanguard and dominant but now facing competitive forces that threaten to make it obsolete.
Technology and the pace of change are redefining the very notion of banking. Nimble competitors are stealing those profitable pieces of business that can be reengineered through technology.
Customer expectations and perceptions are changing, particularly among millennials who question the relevance and value of community banks.
Commoditization of strategy, products, and customer experience is making competitive advantage difficult to establish and ineffective marketing is failing to differentiate, making consistent revenue growth uncertain.
Evolution is the antidote to extinction
Community banks need to change or risk irrelevance. After working with hundreds of community-based institutions over the past 20 years, we have witnessed what can be successful and have honed an approach based on that insight and experience.
If your bank is ready, we have the resources to help you overcome your biggest obstacles to change:
- Identifying and targeting opportunity
- Understanding customer needs
- Differentiating and creating competitive advantage
- Delivering sustainable revenue growth and a distinctive customer experience
- Measuring performance