Chief Digital Strategist at Digital Vision Banking / Digital Bank Development Expert/ Community Bank Advocate/ Consultant/ Speaker/ Creator- Builder- Leader rrotondo@digitalvisionbanking.com
ALERT TO ALL COMMUNITY BANKS! This article from the Financial Brand highlights Chase's aggressive push into community banking, putting smaller banks on high alert. With Chase leveraging its vast financial resources to open new branches and dominate promising markets, community banks face a formidable challenge. Chase Ramps Up Its Community Banking Push. Can Local Brands Compete? https://lnkd.in/ecgFyHTf “Chase is leaning into its community banking model nationwide, with major expansion plans on top of its existing campaign to open new branches in promising markets. Experts warn this is a wakeup call for other banks and their retail distribution strategies.” However, there is a strategic alternative, Digital Banking. By leveraging the limits of their bank charters launching Digital Banks or Digital Branches allows community banks to expand beyond their traditional boundaries without the hefty costs of building new brick-and mortar branches. Yes, launching a Digital Bank brand for approximately one third (1/3rd) the cost of building new brick-and-mortar branches not only helps them compete more effectively but also meets the demands of younger, tech-savvy customers. For guidance on crafting a digital strategy for your needs that ensures future viability, Digital Vision Banking offers a free exploratory call at 770-235-9849 or more information at https://lnkd.in/eDtez-tq. Would love to hear your take on this digital shift. Do you think it will give community banks the edge they need. #digitalvisionbanking #digitaltransformation #communitybanks