When Midwest BankCentre began to lose foot traffic in its local branches a few years ago, executives knew the community bank needed to develop a new strategy to compete in a world where big-name brands are taking a bigger slice of the financial services pie.
Community banks play a significant role in the communities they serve but big brands with vast distribution channels have entered the space, posing a new threat that community banks may not be equipped to deal with. To combat this latest challenge, community banks like Midwest BankCentre are producing strategic digital solutions that help them retain and grow customers.
Community banks are vital to their communities. For one, they have an inherently better understanding of their customers and communities.
“When you work with a community banker, you are working with a neighbor, friend or the person sitting next to you at your place of worship,” says Orvin T. Kimbrough, chairman and CEO of Midwest BankCentre. “There is a genuine sense of trust and mutual respect.”
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