Independent Banker - March 2019 - 63

there's a huge diff erence between Citibank and the local
community bank. "
While the common belief is that so-called digital
natives-young people who have never known a time
before internet access-will spurn the community bank
or smaller fi nancial institution for the promise of a more
digital-friendly bank, Ponemon and others disagree.
" Community banks still have that touch and feel, " he says.
Aiming for systemic change
Sam Kilmer, senior director for Cornerstone Advisors of
Scottsdale, Ariz., points out that the systemic change to
self-service is about more than just digital technology.
" Even before Amazon, " he says, " fuel purchases moved
to self-service and the automobile purchase process for
many moved to self-service with researching, learning,
comparing and selecting the car features, getting a price
quote and even the fi nancing-all done remotely. [It's
the] same with investing and fi nancial services. It's more
convenient and more on the customer's terms. "
Laurel Road Bank in Darien, Conn., has built itself into
a community bank that could appeal to both the digital
banking masses and a specifi c clientele. Chief marketing
offi cer and head of product experience Alyssa Schaefer says
the $500 million-asset community bank has cultivated a
business in student loan refi nancing, as well as in taking
deposits from customers nationwide.
To engage digital customers, Laurel Road Bank off ers
rates within two minutes and provides fl exibility in loan
account opening, Schaefer says. " With a lot of lenders, you
can only do a portion of the [refi nancing] online, " she adds.
" With us, you don't have to talk to anyone. "
Jaime Dominguez, director of product strategy for bank
solutions for Fiserv, points out that for most people, " their
last best experience becomes their latest expectation. "
For example, when doing his taxes using a software
program, Dominguez says he needed help. He selected
the " help " button, and a live person popped up to assist
12 p.m.
1989: You eat lunch.
You're still on Atkins.
You listen to music on
your Sony Walkman. You
just got the new Huey
Lewis CD.
2019: While a ticker at the
bottom of your computer
screen alerts you to stock
price and investment
portfolio changes, you
spend a few minutes
during lunch reviewing
your bank and investment
accounts, confirming
your automated payments
have gone through, and
shopping online.
5 p.m.
1989: You find a local
happy hour by looking at
signs near your off ice.
2019: You respond to
the last of the work
emails. You post to
social media sites ( " It's
5 o'clock somewhere "
selfie time). You check
your smartwatch to see
how many steps you have
walked so far today, and
make sure your necessary
payments and deposits
have posted.
7 p.m.
1989: You watch a
primetime network show
or, if you're edgy, HBO
or Showtime, on your
television set.
2019: You stream virtually
any movie or show that
has ever been made from
a long list of streaming
services available on your
smart TV.
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