News Releases

Can Your Bank Be High Tech and Still Be High Touch? (Spoiler: We Can)

April 8, 2019

Technology and innovation have permanently altered the banking landscape. FinTech (shorthand for financial technology) is now a billion-dollar industry. From automated loan underwriting and remote deposit capture, to electronic bill payment and mobile loan closing, the way we handle our financial affairs is a lot different from what it was just a decade ago.

There’s little doubt that the power of digital transformation has made our banking experience faster and easier. But is it better? Our answer: when it’s done the right way.

Relationships still matter.

As technology develops and new models of financial businesses emerge, banks are feeling the pressure of not being able to deliver the same level of service clients expect. Banking is still a relationship business, and a great deal of focus needs to remain on the human side of the equation. When it doesn’t, clients notice.

A 2019 J.D. Power study on the banking industry reveals that small business owners are seeking a stronger partnership with their bank. If you’re in the business of banking, the findings are unsettling:

Just 37% of small business operators feel their bank appreciates their business.

Only 32% think their bank understands their business.

We don’t think it’s a coincidence that this steady decline coincides with the rise of digital transformation. Live bankers are still a key part of banking for small and mid-sized business owners, but it appears many traditional financial institutions have gone too digital, too fast.

Finding the right balance.

At The Bank of Tampa, we strive to strike the perfect balance of high tech and high touch.

Our omnichannel strategy ensures that clients have multiple ways to transact. Whether by phone, computer, or in person, we utilize technology in ways that ensure an optimal banking experience for clients. We lean heavily on high tech when it comes to financial security, because nothing is more important to us than client protection. We also incorporate technology where it counts. Our online and mobile banking platform is competitive with that of a big bank and ensures our clients can access and manage their finances when they need it. Additionally, we offer a complete suite of treasury services through our commercial online banking platform. These products are geared toward our commercial banking clients and aim to streamline your operating efficiency, facilitate investments, enhance funds availability, and help protect you from fraud.

You can’t replace face to face.

We’re constantly developing and testing new tech to enhance the customer experience. The key difference between us and larger banks is that we never do it at the expense of the face-to-face experience. Our reputation was built on valuing personal service above all else, and that will always remain a core value.

Leveraging the power of digital transformation in today’s world is no longer a choice; it’s a necessity. But financial technology must be used to enhance meaningful connections rather than replace them.

Building trusted, meaningful relationships is how The Bank of Tampa has been conducting business for over 35 years, and that is never going to change. As we continue to invest in technology and innovations, we will never stop investing in you.

For more information on Middle Market Banking Services, please contact Lauren Fernandez.

About the Author

Lauren Fernandez serves as Senior Vice President, Middle Market Banking Director, at The Bank of Tampa. She brings more than 15 years of commercial banking experience, specifically within the Tampa market. Lauren is involved with several community organizations throughout Tampa Bay. She currently serves as Treasurer for the Florida Aquarium and serves on the steering committee for Hospice Women in Philanthropy. Lauren is an alumnus of Leadership Tampa, and she is also closely involved with The Bank of Tampa’s Women Connected program. Lauren holds a bachelor’s in finance from the University of Florida and an MBA from the University of South Florida.

Sources:

J.D. POWER ARTICLE

https://www.jdpower.com/business/resource/us-small-business-banking-satisfaction-study

DIGITAL TRANSFORMATION

https://www.zdnet.com/article/what-is-digital-transformation-everything-you-need-to-know-about-how-technology-is-reshaping/

The Bank of Tampa I Member FDIC