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With so many places to put your money, it is hard to decide which institution is the best match for your banking needs. We all have different criteria we look for when choosing a bank. Are there adequate services? Are the customers treated well? Does the institution have a strong online presence? What rates are offered? Here are three lessons learned when choosing to establish a relationship with a local community bank.
Personalized Banking Experience
Local banks all operate under a similar philosophy—put the customer first. With that being said, they are more likely to find a way for the client to achieve their financial goals. Employees at local banks can be flexible when creating a plan or finding a product/service that works for their client, while still following established policies and guidelines, even when that client may not “check every box”. Whether you’re a single person, a growing family or business owner, local banks strive to learn your specific financial needs and goals and provide the products and services to help you achieve them!
Local banks care about the community around them. Their success lies in the economic growth of the small businesses and people in the local community. With long-standing knowledge on the surrounding community, they can make more informed decisions when dealing with local businesses and start-ups. Serving as the financial core, local community banks strive to give back and foster the best version of any community. Their decision-making process stems from a local stand-point when dealing with residential mortgages, construction loans, and commercial mortgages, something that ultimately benefits their customers.
Exemplary Customer Service
When you choose a community bank, your business and well-being are top priorities to every Universal Banker, every Branch Manager, every Loan Officer, and even every C-suite member. With employee retention rates higher than big banks, you are more likely to be seeing the same friendly face over a longer span of time. Local banks value the relationships they build with customers and stand with them through both the good and challenging times in their lives.
While every banking institution has its advantages and disadvantages, it is important to take a close look at your what your specific banking needs are and which institution can offer you the most.
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