BankBeat’s Greg McCurry talks about the latest changes and challenges community banks face and how they can they position as a trusted resource with Anna Kooi, National Financial Services Leader and Partner at Wipfli.
While the pandemic accelerated the trend, community bankers have been facing down the pivot to digital for years. Whether it’s the death of cash or reduced branch traffic, bankers must be prepared to meet customers’ digital needs and preferences, Kooi said.
The pace of change as a whole is accelerating, and in order to keep up, community banks will need to rely on their own trusted partners to help navigate the complicated waters ahead, Kooi said.
Where will the industry be in 10 years? Even more cashless than it is now, Kooi said, and reliant on cryptocurrency of one kind or another, whether that’s a CBDC or Bitcoin.
Most importantly, community banks should strive to be the “instant provider of knowledge throughout a customer’s life,” maintaining their historical role as a trusted advisor and partner serving as the bedrock of their community, Kooi said.