Excellent customer communication is the pinnacle of community banking. However, a new precedent for speed and digital offerings for your commercial customers has been set since the onset of the Paycheck Protection Program. Will people want to go into a bank branch to apply for a commercial loan when they were able to carry out the entire PPP loan process digitally? Now that these digital expectations have been set, there’s no going back. Bankers can’t revert to doing things the same way they did before the pandemic. It’s just not an option.
Community banks have always been good at creating lifetime customers, but evolving technology and customer demands can complicate your ability to satisfy customers post-pandemic. There is a running joke in the banking industry that the pandemic took five years of technology growth and pressed it into one. With the additional demands put on bankers by the Paycheck Protection Program (PPP), that joke is one hundred percent true. Now that these digital expectations have been set, there’s no going back. Bankers can’t revert to doing things the same way they did before the pandemic. It’s just not an option.
Community banks today are finding themselves under mounting pressure. The battle for deposits is more critical than ever before, new entrants to the space are creating unprecedented competition, customer expectations continue to climb and technology is evolving at a rapid rate. Not to mention, these institutions are expected to effectively manage and maintain regulatory requirements, security protocols and growing their portfolios – all within set budgets.