Banks expand digital footprints
Competition for customers drives need for better online offerings
“We’re doing this because it’s easier for people. It saves them time and saves them money, and they don’t have to wait in line if they don’t want to.”
John Holtz, CEO of Nutmeg State Federal Credit Union
Normally, Lynden Brumfield said, he doesn’t go into a bank unless he has to.
Friday, the Housatonic Community College student physically deposited a check at People’s United Bank in Bridgeport.
“If it was on my phone, I would’ve done it” electronically, he said.
Brumfield said he prefers to handle his financial affairs online or through an app. He’s like many other customers that banks nationwide have tried to accommodate as part of ongoing digital banking trends.
Whether it’s to attract and retain customers, compete with wholly online banks or cut costs, financial institutions have been putting plenty of money into new digital strategies in response to evolving customer demands, according to experts.
“Digital transformation in consumer-facing aspects continues to be something that is occurring very rapidly across the banking space,” said Christopher Wolfe, managing director for Fitch Ratings.
In many cases, going digital has become a necessity as banks vie for customers’ attention and retention.
Connecticut companies are no exception.
“It’s just another way to interact with our customers,” said Sara Longobardi, senior executive vice president for retail banking, People’s United Bank, which has been rolling out online products and services in recent years. Most recently, it has unveiled a new website and tech-based home lending platform.
Longobardi said the company has tried to provide its customers with an online experience that mirrors its branches.