Practical Tips for Community Bank Innovation
Community banks are embracing innovation and technology to stay competitive. ChoiceOne Bank built its loan origination platform and offers it to other financial institutions. BAC Community Bank has hired professionals with data analysis backgrounds to help with software and other projects.
Read the Independent Banker article here.
Here is a brief summary:
- Community banks are not just turning to innovation and technology, they are doing so to maintain their competitiveness in the market. These strategic moves are not just about staying afloat, they are about thriving in a rapidly evolving industry.
- ChoiceOne Bank built its loan origination platform and now offers it to other financial institutions.
- BAC Community Bank hires professionals with data analysis backgrounds to help with software and other projects.
- Seattle Bank launched CD Valet to increase deposits and help other banks do the same.
- Thinking outside the box has led to unexpected benefits, such as improving all internal business processes through a commercial loan tracking system.
