Mainebiz

V O L . X X X N O. X X V I I D E C E M B E R 2 , 2 0 2 4 22 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S B anking customers have been spoiled by direct deposit and online banking, and once the pandemic hit, online banking for cus- tomers crystallized. e pandemic forced branch customers to go online and use the mobile app, creating new habits for meeting basic banking needs. While online banking might be useful and quick — it allows you to check your balance, pay bills and control your card all with a few simple clicks — it raises the question: What's the role of the local bank branch? And why are there still so many? While the number of bank branches in Maine is fewer than it was in, say, 1994 (see chart in side- bar), the amount of deposits has quadrupled. Jim Roche, the president of the Maine Bankers Association, told Mainebiz that bank branches con- tinue to play a vital role in providing financial services to communities and customers all over Maine. "ere are well over 400 bank branches and related offices embedded in communities across the state," says Roche. "Branches help build trust and are often a sign of community stability." Mainebiz spoke with Maine leaders about today's banking environment, customer preferences and bank strategy. Here's what they had to say. Customer experience is key While digital solutions plays an important role in banking today, when customers have life events or challenges, they look for personal help and guidance. at's the role of the local bank branch. Branch teams work closely with customers to offer personalized service, helping them solve more complex financial needs and providing hands-on support for any issue. Darci Hamm, chief operating officer at Norway Savings Bank, says customers value having their "go-to" branch employees dedicated to providing the best customer experience. Technology is there to make banking more accessible and convenient, but it won't replace most people's need for knowledge and expertise. "When planning for the many life moments, cus- tomers want to talk with our financial experts who can help guide them along the way," says Hamm. "You don't get the same level of personal attention and support from your device alone." S O U R C E : Federal Deposit Insurance Corp. FEWER BRANCHES, MORE DEPOSITS There are fewer bank branches in Maine than 30 years ago — before the days of banking apps and online banking — but the dramatic difference is in the amount of deposits held by those branches. Darci Hamm is chief operating officer at Norway Savings Bank. P H O T O / C O U R T E S Y O F N O RWAY S AV I N G S B A N K F I L E P H O T O / J I M N E U G E R More than DIGITAL BANKING With apps and online banking, what's the role of the local bank branch? B y A l e x i s W e l l s When planning for the many life moments, customers want to talk with our financial experts who can help guide them along the way. You don't get the same level of personal attention and support from your device alone. — Darci Hamm Norway Savings Bank Jim Roche, president of the Maine Bankers Association. $20B $10B $0 $30B $40B $50B 460 440 420 480 500 520 6/30/1994 6/30/2004 6/30/2014 6/30/2024 492 $11.9B 499 $37.8B 505 $16.7B 438 $44.2B Branches Deposits

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