Community Banks Must Be Careful to Not Over Automate

Deciding what new technology works best is a struggle that community banks are continuing to work through as they try to find the right balance to offer their customers; part of the community banking experience is know your customers in a face to face and one on one fashion, it is what sets apart community banks; they also understand how new technology is changing the banking landscape and they need to innovate enough to not get left behind; banks like Umpqua Holdings are beginning to find the right balance with their new Go-To platform that provides customers with a dedicated banker via text and online chat; over automating can end up hurting banks of this size as their core customers would begin thinking why wouldn’t I just go to one of the big banks; community banks find themselves in an interesting time as they look to provide their services but innovate enough. Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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