Member Exclusive, New banks

‘It’s difficult for a smaller, local bank to compete against the mega banks’: Inside Trustco Bank’s evolving digital experience

  • New York’s Trustco Bank recently implemented a digital banking platform to improve customer user experiences.
  • The local bank has witnessed over a 50 percent increase in mobile deposits.
close

Email a Friend

‘It’s difficult for a smaller, local bank to compete against the mega banks’: Inside Trustco Bank’s evolving digital experience

Sometimes, digital transformation programs work as planned, as evidenced by Trustco Bank’s recent surge in app store ratings. The company went from 2.7 stars to 4.5 stars out of 5 for its iOS app after upgrading its tech.

“Prior to implementation, our iOS application had a stagnant rating of 2.7 stars in the application store,” said J.R. George, Trustco Bank’s administrative vice president. “The enhanced application currently has a rating of 4.5 out of 5 stars and is still trending upward.”

SPONSORED

 

New York-based Trustco Bank, which reported $5.2 billion in assets in 2019 and has 148 branches, has observed higher levels of digital adoption and customer interactions since recently implementing a digital banking platform that includes online account opening, digital payments, lending and customer servicing.

The bank has seen a 10 percent increase in users on its mobile app over 5 months of implementation and its mobile deposit use has increased over 50 percent. 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $79/mo. Already an Outlier member? Sign in to your account

0 comments on “‘It’s difficult for a smaller, local bank to compete against the mega banks’: Inside Trustco Bank’s evolving digital experience”

New banks

Behind Upgrade’s move to add BNPL capabilities

  • Upgrade is adding BNPL to its personal loans and payment cards, but with a twist.
  • The company also intends to make a push to bring BNPL payments offline and into shops.
Subboh Jaffery | October 08, 2021
New banks

9 insightful things overheard at Tearsheet’s 2021 Convergence Conference

  • Tearsheet's Convergence Conference set the tone on how banks, investment and payment firms, and fintechs are planning their product roadmaps.
  • It's clear that the trend of rebundling the bank will continue, as we see the emergence of super apps.
Tearsheet Editors | September 30, 2021
New banks

‘We’re in a constant beta state’: How Citizens Bank is adapting to the post-Covid needs of young consumers

  • Citizens Bank is targeting a younger demographic of customers with its national, digital offerings.
  • That means rethinking its branch network and upgrading its products and services to match the needs of the modern consumer.
Ismail Umar | September 29, 2021
New banks

Convergence Conference 2021: All session videos

  • Tearsheet's 2021 Convergence Conference looked at how FIs and fintechs are becoming financial super apps.
  • Here are all the session videos from the event.
Shabih Rao | September 27, 2021
New banks

Get access to all the session videos from the Convergence Conference 2021

  • Tearsheet's 2021 Convergence Conference looked at how FIs and fintechs are becoming financial super apps.
  • Here are all the session videos from the event.
Tearsheet Editors | September 27, 2021
More Articles