Some community banks have partnered with fintechs specializing in ways to make saving easier for customers. Here are two community banks that are growing deposits by offering personal micro-saving services through different fintech partnerships.
By William Atkinson
As a growing community bank, $660 million-asset ChoiceOne Bank in Sparta, Mich., found that its primary challenge was maximizing revenue. It needed help acquiring low-cost deposits, increasing loans and creating long-lasting relationships.
In the past, the community bank had primarily relied on its branch network and traditional marketing tactics like signage to attract new customers.
While many of its consumers still prefer in-person banking at a branch, more and more of them are seeking to bank digitally, making it critical that ChoiceOne Bank look beyond its previous methods of engagement. One area it looked at was how customers were—or weren’t—saving money.
