With a wide variety of banking options available, combined with the recent banking crisis, many consumers are trying to determine if using a community bank is the best option for them or if they should bank with a large national bank. The fact is there are several advantages to using a community bank for your personal banking needs.
Ability to Tailor Services to Customer
Many big, national banks have strict policies that are not at all flexible and use a “one-size-fits-all” approach to decision making. Because leaders of community banks are more familiar with the local community, they can tailor services for individual customers and borrowers. They are more familiar with their customers’ background and extenuating circumstances and can therefore help provide less risky banking decisions for their customers. Not only do the leaders of community banks better understand the customers, they also understand the unique challenges that face their local community.
Research has shown that community banks have a very high customer satisfaction rating when compared to national banks. Much of this is due to the fact that customers appreciate the individual attention they receive at community banks. In addition, familiarity with bank staff can help customers overcome obstacles and manage their personal finances more effectively.
Community banks invest their deposits in the local community. For this reason, one of the advantages to using a community bank is that you will be keeping the majority of your assets nearby and help stimulate the local economy. Because community banks focus on smaller markets, the bank managers understand those markets better, allowing customized banking solutions for their customers.
Because consumers have many options when it comes to choosing where to conduct their personal banking, it is important to understand the advantages of being part of a community bank. Investment in the local community, more personalized service and greater customer satisfaction are just some of the reasons why many customers are turning to community banks for their banking needs. For more information on personal banking at community banks, visit independent-bank.com.