Smaller banks are losing out on potential customers because many would-be depositors assume only larger institutions have the tools to allow them access to mobile banking apps and other technological perks, a recent survey shows.
Rob Rubin, managing director at Novantas, said Sullivan and Guttau face a common problem: shaking the old definition of convenience based on physical locations.
“Smaller financial institutions need to be able to project a brand that is more than about the friendly faces inside, extended hours or the drive-through,” Rubin said. “As the market shifts, more customers may be placing more emphasis on the convenience of technology solutions and less on where branches are.”
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