Comments for Time to reinvent the community bank? at http://www.ababj.com , comment 0 to 5 out of 5 comments http://www.ababj.com Wed, 19 Jun 2013 19:53:51 +0100 FeedCreator 1.7.2 http://www.ababj.com/briefing/time-to-reinvent-the-community-bank.html#pc_859 Don Musso's contention that “Once mobile banking really hits the industry, brick and mortar will be like Blockbuster Video stores" is the kind of statement that gets your attention; but is not really supported by current and projected trends in consumer behavior. Mobile channels serve to reinforce older delivery channels rather than replace them. With mobile banking users estimated to grow to 86 million by 2015, mobile will continue to shape consumer behaviors and expectations of their financial institutions. Don't get me wrong, brick and mortar must continue to evolve to stay in alignment with consumer behaviors - but to say it is on the same trajectory as Blockbuster is a bit of an overstatement. - Jim Perry Fri, 15 Apr 2011 06:15:34 +0100 http://www.ababj.com/briefing/time-to-reinvent-the-community-bank.html#pc_829 Loved the comment about 'medication of choice'! A challenge I see in this continued cost-cutting mode is the need to invest in the lender's continuing education to meet the enhanced scrutiny (and rightly so) of the loan committee and the regulators. As a senior lender in Florida told me recently, "Linda, we still don't have a training budget but really, we are going to *have* to start training again!" To successfully compete for the good small business loans that are out there and confidently decline the ones that are not lenders need enhanced skills. Another 30 year lender told me that the training he received in the first 20 years of his career was good, but was not up to the credit analysis skills he finds he needs now. With regards to the 'too small to survive' question, then, what are the solutions to the need for continued cost-cutting because of size in an environment where additional credit training and other investments to retain top talent is also needed? - Linda Keith Wed, 16 Mar 2011 15:16:43 +0100 http://www.ababj.com/briefing/time-to-reinvent-the-community-bank.html#pc_812 I wholeheartedly agree. In fact, if you don't reinvent yourself continually, you and your bank will be extinct in two years. Nothing is the same was it was before the recent recession and that is particularly true in the banking industry. More competition from credit unions, mobile banking, the collapse of the commercial market for many banks and at least 50 other changes I noted in my recent book. The key is differentiation and selling what people want to buy, NOT what we think we are selling/pushing. Losers are down in this economy; leaders are different. - Jim Mathis Mon, 07 Mar 2011 10:24:56 +0100 http://www.ababj.com/briefing/time-to-reinvent-the-community-bank.html#pc_808 Steve, Congratulations on an excellent article! Well-researched with plently of qualified opinions from community bank execs. In answer to your question: there is plenty of evolution forthcoming in the community bank space. Banks that are able to adapt will continue the journey--or the "marathon" as you note in your article, or will drift away like the dinosaurs. I believe the banks that will have the most difficult time will be those with client-facing employees dedicated solely to commercial real estate, with few contacts across diverse industrys in which community banks need to make inroads. If all your sales folks only move in CRE circles...you've got a talent problem! I've written more about this in articles published from my consultancy website: www.bankforwardconsulting.com. Pleased to continue the dialogue at your interest/opportunity. Congratulations again on a great article. I'm not surprised to have been referred to it from an FMS link that touts it among "the most popular articles of the week". All the best, Bob Koncerak - Bob Koncerak Fri, 04 Mar 2011 16:56:17 +0100 http://www.ababj.com/briefing/time-to-reinvent-the-community-bank.html#pc_803 I'm 28 years old and recently left my community bank for PNC's Virtual Wallet. I understand why it would be difficult for small banks to develop the kind of interface PNC uses, but I feel like my bank "gets" me for the first time in my life. The features are exactly what I need - mobility and instant access to my information. It's not good enough to see my transactions days after they occur; I need to see them immediately. I need to access my free balance from my car or standing in a store. I know the upswing in technology isn't for everyone, but my generation loves it. If banks want our business, they need to get on board with what we need from a bank. - Andrea W Tue, 01 Mar 2011 20:43:51 +0100