There has been a noticeable shift in consumer values and spending practices in recent years that increasingly favors smaller, local businesses. Whether it’s a campaign to support family run farms by buying locally grown fruits and vegetables, or holiday initiatives aimed at getting shoppers to support their neighborhood mom & pop merchants, there has been a conscious effort to be more mindful of where we spend our money, and even who we trust to keep it. Consumers are paying closer attention to quality, and in the same way that they’ve noticed a difference in the quality of produce shipped in from large commercial farms, they’ve also seen a decline in the level of service they receive at the larger, national banks.
There are a wide range of benefits for consumers who chose to support their local economies, but when it comes to banking the motivation is equal parts financial and personal. Making the switch from a large, national bank to a small community bank or credit union will likely result in fewer transactional fees and greater returns on savings interest. But consumers have also noted a substantial difference in the personal attention they receive, and the choice is even clearer for small business owners.
While large corporations with hefty account balances seek the security of huge national banks that have been deemed “too big to fail” and often benefit from government protections, a small business owner can feel like just another number in the vast databases of these colossal megabanks. There is less incentive for giants like Wells Fargo to prioritize the needs of Brenda’s Bagel Shop in Any Town, USA, and so they typically don’t.
Online banking has certainly changed the landscape of day-to-day operations, but most people don’t rely on this technology exclusively, and they’re often enticed by the convenience and accessibility of a bank that’s close to home. Community banks and credit unions may not be able to compete with the big banks in terms of their reward programs and resources, but they make up for it with personalized service and a deeper connection to their customers’ way of life.
Solidus has been serving the community banking industry for over 30 years with sophisticated branch designs that elevate the institutions’ brand identity and customer experience. Whether we start from scratch or renovate an existing space, Solidus tailors each branch based on the clients’ goals and current market data. We excel at implementing technology that will deliver the most efficient and effective service options for both the customers they already serve and the ones they want to attract. Community banking is at the core of our business, and we’ve made it our mission to design, build and brand branches that ensure their continued growth and longevity.
