Current changes in the banking industry are a product of multiple stimuli: changing customer habits, cyclical economic trends, regulatory pressures, and political issues. It’s a complicated time for the industry and few other personal service industries are changing so dynamically. It is a challenge for banks to stay current with all of the changes and some banks simply won’t be able to change with the times.
One of the most significant customer changes is a growing reliance on electronic and internet-based transactions. In 2002, it was estimated that 80+% of banking transaction came through a teller in a branch. Today, many customers rarely come into the bank, preferring to internet bank instead. The industry estimates that by 2012 that less than 15% of banking transactions will initiate in a branch.
At Franklin Synergy, we place a high emphasis on customer service and understanding the needs of our customer, so this naturally presents a challenge. How do we stay close to our customer without much direct interaction?
We’ve addressed these challenges at Franklin Synergy through several initiatives. Our internet branch delivers personalized service from our Internet Branch Manager Nick Lennon. Nick is at the bank end of conversations you can or need to have with us, regardless of where you happen to be at any given moment.
We use social networking to stay in contact with customers who do not come into the bank on a regular basis. Our Market Update, sent by email monthly, and our FSB Facebook page supplement branch conversations. Both are accessible at your convenience, and neither intrude on your personal time. We continue to fine tune these communication techniques to benefit our customers.
Another major change is the troubled banking environment resulting from our country’s economic difficulties. There is a lot of information available on this issue, much of which is incorrect.
Franklin Synergy is a strong, stable, growing community bank. We’re locally owned and locally managed by your friends and neighbors. We are interested in making loans and developing relationships. In less than 27 months, we have grown our loan portfolio to $160 million, and that does not include the $158 million in home loans that we have made. We support our community through lending to small businesses, individuals, real estate professionals, and local business persons.
We could not have achieved our success without the strong support of our community. Thank you. Please give us the opportunity to show you that banking technology has changed, but basic banking values at Franklin Synergy Bank have not changed. Call us at 615-236-BANK (2265) or visit our website: www.franklinsynergybank.com