The Importance And Benefits Of Community Banking
Most people have the misconception that smaller institutions cannot offer much like big banks. The only difference between a bigger banks and community bank is in terms of the assets owned. There are more assets at a larger bank. However, it pays a lot to put money in your local bank. Below are the importance and benefits of community banking.
Community banking assists in the creation of jobs. Local banks employ a lot of people. They offer small businesses finance. Community banks make a large percentage of banks. They also provide support to the local economy. In both good and worse economic times, local banks remains as the support of the community. They offers the local businesses and individuals loans. It assists the local community to succeed. The great things is that there is always cash flowing locally as the link shows.
Community banks are involved locally. They provide help for special causes like making donations to the local non-profit organizations, providing sponsorships and making donations. Community banks also have mobile apps and have increased security to prevent fraud. It means that they have similar capabilities like larger banks. Community banks provide personal connection that is hard to find in larger banks.
Community banks are more transparent and accessible. Also, they show more customer appreciation and click for more. The local community know the staff by name. They do everything to ensure that customers are happy. The level of customer support at the local banks is unparalleled. You get a sense that you are part of them. They provide all their services without outsourcing. You are most likely to meet the same teller year after year.
Another advantage is that they have a lower rate of turnover. The focus of big banks is on established businesses. However, local banks focus in offering support for small businesses. The management at community banks are usually connected to almost everyone in the local area and learn more about it. They work and also stay in the same town. The leadership benefit the community more because of their involvement in the local community as you can view here for more.
Also, community banking is more invested in the community. They are able to offer more resources to the community. They are in a better position to provide more resources. People usually assume that community banks dont offer many services such as big banks. However, this is further from the truth.However, there is no truth in this service. They have similar features and services the same as big banks. In fact, they provide their services at a lower interest rate.They provide better rates. Community banks provide USDA(B&I) loans, Consumer Loans, Business Loans and SBA loans.
They also help in managing of accunts. You are also able to do your banking online. This means that you can check your deposit account, pay bills and transfer funds. The focus of community banks is on the average person as you can see page.