by Matt Durkee NBT Bank Most financial institutions across the country are facing similar challenges, but we see that many are taking different approaches to try to address these challenges. No matter how they chose to move forward, banks need to evolve into something new – something that surpasses customer expectations. One trend many banks are seeing – in Vermont and throughout the industry – is that as customers continue to show their preference to complete banking transactions from the comfort of their home, office or on the go.
Locally, NBT Bank has been paying close attention to this trend of balancing traditional banking needs – like using a safe deposit box and asking for financial advice – with new preferences for banking on-demand and even new ways of doing business. In fact, NBT Bank has seen a steady increase in customers taking advantage self-service technology such as making deposits via the mobile deposit feature of the bank’s mobile banking app.
While considering the different needs of local markets it serves, the bank’s priority at any stage of banking is delivering high-quality service at every customer touch-point, so that customers continue to work with representatives they know and trust to help them leverage services like new technologies.
The focus for any organization looking to evolve, particularly a financial institution, is driven by the need to stay relevant to its customers and up-to-speed on both what those customers want as well as how they want to receive it.
NBT Bank continues to engage with its employees, customers, and within the industry to find the best ways to provide personal service in a modern, efficient banking environment. We are striving to provide the best combination of personal attention and efficiency to our customers by offering the services that customers need, with the convenience they want.
It’s all about being where your customers want you… and not being where they don’t want you.
For example, the NBT Bank Mobile Banking app for personal and business customers was enhanced in 2014 with new design and system features that improved the overall user experience and introduced Mobile Deposit functionality to allow customers to deposit checks using their smartphones. And earlier this year, the bank added Apple PayTM as a payment option customers can take advantage of when using their debit card and an online portal for personal loan applications at nbtbank.com. NBT Bank has also been upgrading its ATM network to feature new functionality that enables customers to make deposits quickly and easily without a deposit slip. By the end of 2014, over a quarter of the bank’s approximately 200 ATMs featured this new technology with plans to expand this to additional locations in the future.
This increased digital service technology from NBT is constantly re-evaluated to ensure it is supporting customers’ changing needs and wants. It’s not just about incorporating digital and other new technologies, but also continuing to provide the best traditional services, and finding the right balance for the new and traditional services. Adding new technologies to branches and self-service online platforms to process everyday transactions are essential to the future of banking because they provide the opportunity for customer service teams to focus on the things that technology can’t replace – personal attention and individualized services that meet customer needs.
NBT Bank is also focused on providing that personal touch with traditional services, too, especially for commercial customers. NBT has been designated by the U.S. Small Business Administration as a preferred lender across its entire six-state footprint to approve loans that result in faster service to local small business owners in need of capital. This means the bank has been granted the authority to process, close and service most SBA guaranteed loans, and make credit decisions, without prior SBA review.
No matter how banks are focusing on growing and evolving, success comes down to the team of people behind the organization – from the front line branch tellers to the corporate office teams. Something that technology will never be able to replace in this industry.
Matt Durkee is NBT Bank’s Regional President serving Vermont and Massachusetts. NBT first opened its Vermont Regional Headquarters in Burlington in 2009. Since that time, the bank added three additional Vermont locations – Essex, Williston and Rutland; expanded into Berkshire County, Massachusetts, and southern New Hampshire. With the bank’s expansion into Portland, Maine, in 2014, the bank now has a total of 16 offices in New England.