As different businesses adapt to the ever-advancing digital world, banking is no exception. Branch Retail Manager Megan Wells of Southern Bank polled the marketing team for the full story.
“People want to stay connected to their accounts wherever they are, whenever they want, which has led to massive growth in digital banking,” the team informed.
They said the days of only coming into the bank to do business are quickly going away.
“Another change has been the entry of fintech’s (non-banking companies) entering in the banking environment with their offer of checking and saving accounts along with lending,” they stated.
The team noted the regulatory environment is quickly changing to adapt to the financial tech applications’ encroachment on the market.
“We’ve also seen an increase in regulatory compliance by many government entities as well as an increase in scams or fraudulent activities by individuals,” they remarked.
While technology has revolutionized the industry, Southern Bank said the transition has been a positive one.
“Customers enjoy being able to process transactions, open accounts, monitor their accounts, and request information on their time,” they added. “We’ve gotten better and the customers have more control, so it’s a win-win.”
Despite the new ways to bank, the team emphasized the importance of maintaining brick-and-mortar locations and the option for face-to-face service.
“Every customer is different. Each has their own preference on how they want to conduct business,” they said.
Firmly in the present, Southern Bank promises to keep its finger on the pulse of future developments.
“The future of banking includes both digital and face-to-face,” they affirmed. “The branch will always be an integral part of banking and will continue to evolve, not only as a place for transaction, but as a place of solving problems and helping customers through their different seasons of life.”