What Community Financial Institutions Do Better Than Big Banks

Community financial institutions are better positioned to make banking easier for retail account holders and business owners alike. It’s a common assumption that community banks and credit unions offer fewer services and are slower to adopt technology than the big banks. However, this couldn’t be further from the truth.

It’s true that big banks have the financial resources and branding to create a large footprint. That said, we see the resourcefulness and reputation of community FIs in engaging account holders with thoughtful messaging and one-to-one tailored communication about what’s important to the audience as critical in these uncertain times.

In fact, community financial institutions have an appeal that the big banks lack. Being small and nimble commonly leads to offering products and one-to-one service that larger banks cannot provide. It also means serving communities and consumer niches that big banks ignore.

These untapped resources are unique opportunities to establish (or in some cases, extend) time-honored traditions that have helped community institutions in the past and are poised to carry them into the future. This post will highlight a few things community financial institutions do better than big banks and why leaders of local financial institutions should use their unique nuances to their advantage.

Creating human connections

Community banks and credit unions have a distinct advantage in creating human connections. Their relationships with account holders are largely built on connections driven and fostered by people instead of a faceless brand focused on institutional banking. The relationships that are built through excellent customer service cannot be discounted.

Simplifying processes

The old adage, “less is more” is not just a cliché when it comes to community credit unions and local banks. Streamlined processes for auto and personal loans as well as mortgages and insurance products can boost relationships with account holders. They can also demonstrate your financial institution’s approach to innovation. We are seeing community financial institutions quickly launching low interest rate personal hardship loans to account holders and using those offers to attract new accounts.

Lower fees

Just like baggage fees have become the bane of travelers’ lives, banking fees have become particularly vexing for account holders. Lower fees at community financial institutions can be a welcome respite for account holders who have been continually disappointed at the high fees imposed by larger banks.

Community interest and support

Community support has become paramount. Consequently, smaller institutions can showcase support for their communities and provide opportunities to people and businesses that tend to be ignored by big banks.

While these are solid examples of the advantages credit unions and community banks have over larger institutions, they are pillars of future success when highlighted by effective mobile marketing campaigns. Such influential messages are not created on their own.

A partnership with Larky, an expert in one-to-one tailored mobile marketing on the lock-screen, can make the difference. Larky’s expertise is built through thousands of conversations between financial institution stakeholders and consumers, as well as industry experts. These discussions help maximize account holders’ experiences so that community financial institutions can make the most of the digital marketplace.

A partnership with Larky is essential in creating effective mobile marketing campaigns. Successful marketing plans highlight a community financial institution’s flexibility, local resources and unique relationships with small businesses in a host of industries. They also educate future account holders about your institution’s range of services and new technologies and establish a solid foundation of trust.

Larky can maximize the unique aspects of a community bank that will help it stand out in a crowded field. Contact Larky to learn about the company’s offerings and expertise.