What I try to bring to the table is building community. Social media will help send that message. As technology is getting bigger, people want more face time with their finances, and answers directly from someone. Here, you have a person with a face you can talk to about finances. When I first started getting involved in the banking world a few years ago, I was in tune with the national stories of people not feeling safe with a big bank. Where do you see community banking going in the future? When we launch a feature, it’s pretty simple. We try to make things easier, not harder. We want a lot of interactions, with them tweeting to us if they have a question like “where’s an ATM in Plymouth.” We try to push out with social media, too. We want to know people’s first names and have them come to us directly.
People are used to technology and there’s not as much of a learning curve. By the time she’s 21, she’s going to think everything we’re doing is simple.
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My friend's 3-year-old knows how to use an iPad. The technology world is getting easier for people. Matt: We’re offering different choices for different demographics. We acquired our consumer remote deposit capture module and our online banking module through Fiserv.The technology’s available through the Bank of Ann Arbor, and it’s available at Chase.Īs banking gets more complex, what are you doing to help keep it simple?
You move through the spectrum – we have online banking, smart phone banking. If you call up or Chase, there’s not too much difference: You move money around, pay bills, send money, set up alerts, open new accounts, apply for a loan. Today, there’s very little the large institutions are doing that the smaller ones aren’t doing, such as an online banking platform.
Larger institutions were always at the front end, then the cost became more acceptable. When I was starting my career, the cost of entry on new technology was prohibitively expensive for smaller institutions. The neat thing about the technology is the cost of entrance has plummeted over 20 to 30 years. It’s difficult for them to know what kind of person he is. That’s more difficult if you’re an international bank, where the underwriters are in Phoenix, Ariz. If I want to give Matt a loan and the underwriters have a concern, we can jump in the car and go meet the people. For the most part, a community bank is more geographic-focused/centric, improving the economy and jobs of citizens in the areas they serve. Tim: A community bank is one that typically supports a smaller geographic universe. The money they give us, they give back to the community.
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When our customers see us having enormous free concerts and giving back to nonprofits, they feel a part of it.
With other banks, the money goes to their headquarters. With a community bank, the money is staying in the community. I never thought I’d meet a CEO of a bank that was interested in building the local music scene. We bring the community together for a free live event to enjoy music. I have a radio show, and the bank hosts a concert series, Sonic Lunch, every Thursday downtown. Matt: When I first started working, I was a community builder in the local music scene, building community through music. How can community banks compete with other banks, and how are you using technology to help with that? We recently spoke to him, as well as to BOAA president and CEO Tim Marshall, about how technology helps community banking. While banking might have a staid image, social media event coordinator Matthew Altruda, who has worked for the bank for two years, was recently named one of the Top 20 Community Banker Influencers on Twitter by the Independent Community Bankers of America. The Bank of Ann Arbor (BOAA), Michigan, is a community bank formed in 1996 that has grown to $1.7 billion in assets under management.
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