Traditional banking has been around for a long time, and sometimes consistency has led to complacency.
Years ago, community banks knew their local customers and could rely on their continued business. Banks could succeed without accommodating a world of variables.
But today, the financial services industry is changing more quickly than ever. Checking accounts, access to credit, and payments no longer require bank loyalty or relationships. Specialty providers appeal to customers with newer, faster, and more niche offerings – especially in response to the COVID-19 pandemic.