5 Things That Set Small Banks Apart
You know that small banks, located right in the local community, offer excellent service, but you may find it difficult to communicate the full range of benefits to those in your community. After all, it’s not just the service that sets small banks apart; it’s a belief in a better way of doing business that is uniquely American.
If you attended the recent CBA Convention in Overland Park, KS, you heard incoming ICBA President Rebeca Romero Rainey highlight what makes community banking worth fighting for. She called community banks “difference makers” and said that “Community banks make decisions for the right reasons…for the community bank shareholder and the customer.”
Here are a few key points you can include in communications with individuals in your community about why small banks are a better choice than a big regional or national bank:
Small banks are an American ideal. No other country does banking like the United States, with independent, chartered financial institutions scattered across the country. It’s an example of the success of what began as the democratic experiment, in which self-governance and enterprise were shaped to give power to individuals. Small banks are a manifestation of the belief that small communities could pool their resources to meet the economic needs of that community.
Community banks know the needs of the community. The idea that a hyperlocal bank knows the needs of the community better than a hyperglobal one is a foundational belief of community banks. Community banks invest in the local businesses, school and families and they all thrive together.
Independent of the events of the global market, community banks are able to make decisions based on the information most critical to local decisions. Small banks use local money to make decisions that are best for the local community.
Small banks offer the best of both worlds. A community bank has the ability to offer the resources of a large, global bank but with the personalized customer service that a bigger bank cannot match. The progress of technology allows small banks to offer conveniences like mobile banking, but they still know your name when you walk in the door.
Buying local includes banking local. There’s a big push among consumers to buy local produce and other goods, but many of them might not think about banking the same way. Small businesses benefit, though, from small banks that offer loans to boost the local economy. There’s nothing more responsible than choosing a local bank if you’re concerned about buying local.
Want to know more about promoting the benefits of small banks? Join CBA of Kansas, where we offer resources and support for the promotion of community banking. Give us a call if you’d like to talk more!