When we first began working with community banks in 2000, there was little difference in the offerings between the mega banks and the community banks or credit unions. Big banks offered more convenience, but the smaller players could level the playing field with more personal service.
But a lot has changed since then. Digital and social media have entered the arena in a big way, and the difference in offerings between the bigger and smaller players is widening. Recently, Deluxe published their 2017 Marketing Trends Report, which provides a good deal of insight into current goals, strategies, and budget allocations of today’s financial institutions. The results were surprising and suggest that community banks and credit unions are not keeping pace with industry trends or consumer demands.