Buying locally is a trend that is gaining traction as more consumers are catching on to the many benefits of choosing to shop locally. One major draw of shopping at local small businesses is that this practice helps to build a prosperous community since the earnings of these businesses are often reinvested in the area. There are plenty of ways to shop locally, such as buying produce at a farmer’s market, but one option that is often overlooked is choosing to bank with a local financial institution.
A local choice for banking in Greeley provides numerous benefits for customers as well as the broader community. What distinguishes a local bank from a national institution is that a local bank often treats its customers like neighbors. Below are some of the advantages gained from making the switch from a large national institution to a local community bank:
1. Better Customer Care
A local bank engaged with its community will provide its customers with care. Customers are generally better supported by a local bank because they are more than customers: they are neighbors. When a bank sees its customers as neighbors it will treat them with a greater level of respect compared to the treatment they can expect to receive from a national bank, which generally sees its customers as mere numbers.
Community banks bring a human touch to financial services. When dealing with a local bank, customers can expect to be treated with honesty, warmth, and kindness. Employees at a local bank will express genuine care to their customers, and this care will be reflected in a better level of service.
2. Personalized Service
Local banks are positioned to provide customers with more personalized service. This is because the employees of local banks, including the managers, are more likely to know their customers. When the decision-makers at a bank know their customers personally they can better tailor their services to meet personalized needs. Bank managers who are familiar with the lives of local customers will be in a better position to know which financial products are right for them.
3. Flexible Decision-Making Process
While large national banks typically make automated lending decisions based strictly on criteria such as credit scores, local lenders are more likely to consider personal factors beyond the numbers. For instance, an entrepreneur with a reputation for honesty will be much more likely to secure a loan at a local bank, since the manager will consider reputation as a factor when making lending decisions. A local choice for business banking in Greeley is generally the best option for commercial loans since managers at a local bank will often go the extra mile to ensure that employers in the area have access to the financing they need to help maintain a prosperous community.
4. Better Ethical Standards
A community bank is more likely, to be honest and direct with its customers. Local banks operate on the principle of building lifelong customer relationships. Rather than focus on rapid growth across regions, community banks work to serve local customers reliably over the long run. This means a community bank must always be diligent and ethical in its dealings. National banks, on the other hand, can afford to treat customers with less care because they don’t rely on cultivating lifelong relationships with individuals. Large national banks can sometimes get away with the unethical treatment of customers because they maintain a sizable budget for legal defense and paying settlements out of court.
The policies and actions of local banks have real effects on their communities, and the managers of these banks will be mindful of the impact of their decisions. For example, local banks can be trusted to provide customers with appropriate loans that they can afford to repay. It is very rare for local banks to engage in predatory lending and other unethical practices since such practices harm members of the bank’s own community. Customers of a local institution can trust their bank to have their best interests at heart, as after all, they are neighbors.
5. Wide Variety of Services Offered
Large national banks claim to provide the greatest range of products to their customers, but local banks are actually able to compete with larger banks by offering a full menu of services as well. Local banks are motivated to serve their communities with innovative, reliable, and convenient financial services. There is almost no limit to the range of services a community bank can provide, including online banking in Greeley. Community banks are well-positioned to offer a variety of financial products, such as loans with fixed or variable rates, USDA loans, conventional mortgages, reverse mortgages, and more.
Services at a local bank can be more diverse than those provided at a national institution since managers at small banks typically have a higher degree of control over the details of the financial products they can offer. Many community banks are positioned to tailor and adjust products to suit the individual needs of their customers.
6. Using a Community Bank Helps the Local Economy
Depositing money at a local bank keeps money in the community. While national banks often funnel savings out of a community to make investments nationwide, local banks are more willing to lend to small businesses in the area. Local businesses typically use these loans to expand operations, which often entails hiring additional employees. The wages and salaries of these workers help stimulate the region’s economy, resulting in more revenue for local small businesses. Ultimately, choosing local banking in Greeley produces an economic ripple effect that benefits all members of the community.
7. Local Banks Give Back to Their Communities
Community banks are often among the largest supporters of local charitable organizations. Local banks want to see their communities thrive, and so these institutions are often eager to donate to charities in the area. Compared to large national institutions, local banks are more likely to put a portion of their earnings toward initiatives that improve communities. Local banks are invested in their communities financially as well as socially since their customers are also their neighbors.