First Federal Reminds Us that Human Banking Still Exists

Ever wonder how your savings account is utilized and who you’re talking to when you call customer service? Does your bank operate as a mystery, an abyss like Gringotts Wizarding Bank from Harry Potter where you feel like you have to use an invisibility cloak to gain insights about your accounts? Forget about asking financial questions, a customer’s reality when banking with a massive financial institution is focused on listening to sales pitches on new products from an anonymous employee. Human banking this is not. At First Federal you’ll have a familiar steward who looks after your financial health.

Will Walsh didn’t intend to have a banking career when he earned a music major in college. A natural entertainer, Walsh took a teller job shortly after graduation because he enjoyed the frequent interactions with customers and helping people navigate the benefits of a savings account personal loan. When his first employer started eliminating the personal element of banking, he took a position with First Federal Savings & Loan of San Rafael. Twenty-five years later, the Fairfax Branch Manager remains committed to the same values that originally drew him to banking.

“It’s our size which separates us from other banks,” he says. “We’re also the last mutual bank headquartered in California, we don’t have shareholders to satisfy and profit levels we have to hit each quarter. Our senior management remains committed to what we do as a community lender, which is also why we were so well positioned in 2008 and remain very solvent today.”

Walsh says he always sees people who are so glad they can call and receive a full explanation about a question they may have and discuss all the available options. This kind of attention is the benefit of working with a small community bank that offers a narrow focus of a personal, call it a human, based business. “I meet a lot of people who have preconceived notions about how bankers behave and what a bank will be like,” says Walsh. “A lot of them are pleasantly surprised to find that we may not even have been what they thought they wanted, but they really like that we know their names and we care about them as individuals and know their preferences.”

Walsh has seen a lot in his four decades in the banking industry. He says he and his colleagues at First Federal recognize there are many different types of banks which offer diverging experiences and customer preferences stack up differently. A new client at First Federal can expect to sit down with an associate and discuss financial goals, not get battered as the banker trots out new products. The idea is to have a warm and welcoming environment. Walsh also likes to reassure potential clients that when they deposit money with First Federal, the bank will use those funds to reinvest in loans for other members of the local community.

“In an era where technology permeates all facets of everyday life and robs us of human interaction, emotion, and connection,” he says. “Professionals must remind themselves that the ‘human’ touch will always have the most significant impact on your customer base. After all, all human beings seek to connect and service is always best when delivered with authenticity.

In addition to the Fairfax branch, First Federal maintains branches in San Rafael, Oakland’s Rockridge District, and San Francisco’s Portola and Marina Districts. Clients enjoy access to online and mobile banking. First Federal offers all the products expected from a full-service bank. Personal and business checking accounts feature a first box of free checks and a free Mastercard debit card, among other benefits. There are also competitive rates on savings and certificate of deposit accounts.

“We have a hospitality area set up, encouraging our clients to view the bank as a community hub,” Walsh says. “They might enjoy their coffee and read the paper, run into their neighbors. We have game sets for the kids to keep them entertained while their parents discuss their finances or relax for a few minutes. We also have a running agreement with the Marin Society of Artists where we coordinate among local artists who will hang their work in the branch. This is a nice hallmark of being tied into the community. We also support other local businesses and regional non-profits.”

Human banking is win-win according to Walsh, a 40-year veteran of Bay Area banking. And why wouldn’t it be? This past year has shown us all how much we miss human interaction, someone who knows our name and with whom we can share a conversation about family, work, and other topics. Too often when we enter a large bank we’re told how we could have saved time and used the ATM or avoided the bank altogether. Will Walsh and his First Federal Savings & Loan colleagues take the opposite approach. They make coffee and conversation, learn about our lives and our banking preferences. In short, they make banking human again. The sole remaining mutual institution headquartered in California, First Federal is mutually owned for the exclusive benefit of the community, depositors and borrowers, a significant difference from banks that are beholden to profits and their shareholders. Visit the First Federal Savings & Loan of San Rafael to learn more and to find our other locations.