Independent Banker - March 2021 - 18

PORTFOLIO
◎FOCUS RETAIL BANKING
Why branches are
worth the investment
With an increase in online traffic and challenges to in-person
banking, community banks may be asking themselves if new
branches are necessary. But many bank leaders report they're
investing in new branches because they're strategic tools for
growth. By Roshan McArthur
ver the course of the past year,
many banks-and businesses of
all kinds-have seen their operations
become increasingly digital by
necessity. In an already shifting
banking environment where many
transactions often no longer require
a physical presence, this has called
further into question the branch's role.
However, in Independent Banker's
2021 Community Bank CEO Outlook
survey, 70% of bankers told us they
would maintain their existing number
of branches, and 16% said they plan
to open more this year.
So, why are branches still
important to the way that community
banks serve their customers?
Many banks report today that their
branches often have a reduced staff
and are more focused on highertouch
services like small business
banking or mortgages, but they still
serve a primary purpose. Beyond
the transaction, the branch may be
a bank's most important tool for
engagement, and this is especially so
for community banks.
When it's safe to do so,
Farmers & Merchants
Bank plans to invite
customers to hang out in
its newest branch.
Keeping a personal touch
For Joseph Coccaro, president,
director and CEO of Bogota
Savings Bank in Teaneck, N.J., the
fundamentals of relationship banking
haven't changed. " Our current client
base still loves to speak with someone
face to face, " he says, " and the
younger generation, when applying
for a mortgage, have questions and
like to look someone in the eye, not
via Zoom or Skype, and know they are
receiving an honest answer. "
The $745 million-asset community
bank has been around since 1893,
but its geographical expansion only
started relatively recently, when it
opened its first branch in Teaneck
in 2004. Last year, however, the
community bank saw large-scale
changes, not only forming a mutual
O
18 Q ICBA Independent Banker Q March 2021

Independent Banker - March 2021

Table of Contents for the Digital Edition of Independent Banker - March 2021

Table of Contents
Independent Banker - March 2021 - Cover1
Independent Banker - March 2021 - Cover2
Independent Banker - March 2021 - Table of Contents
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Independent Banker - March 2021 - Cover3
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