Between evolving customer expectations and pressure from other financial providers, community banks have struggled to maintain relevance in recent years.
In today's episode of the Bank Customer Experience Podcast, Bradley Cooper, editor of ATM Marketplace, spoke with Jean-Pierre Lacroix, president of Shikatanai Lacroix Design and Marbue Brown, founder of the Customer Obsession Advantage and a former banker about how community banking is changing
When looking at challenges community banks face, Lacroix spoke about increased competition
"There's a lot more competition today with fintechs and consolidation," he shared in the podcast.
Brown agreed, stating many national banks are encroaching on community banks territory through a variety of activities even sponsoring local events.
"The natural advantage community banks have is being erased," Brown said.
The statement points to the power of community banking in general. Lacroix said one of the primary drivers of growth in banks is being able to provide relevant advice and have a strong local presence, whereas simply providing good products reduces loss.
Brown and Lacroix also discussed a number of topics related to community banking including:
- How are big banks coming into community banking spaces?
- How can employees train using AI?
- How can financial advice be credible?
- What role does community involvement play?
- What does Gen Z want from a branch?
- What role should the teller take?
Listen to the conversation in full above.
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