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 24 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 What are the key functions of a local branch? e key functions of the branches have remained relatively unchanged over the last decade, although transaction volume has certainly slowed. Like many Maine-based banks, Machias Savings Bank still handles cash for withdrawals and deposits, counts change, opens accounts, provides loan and credit services and offers specialized business services. It still has ATMs and safe deposit boxes at many locations. Its staff still engages in the community through volunteering and donations to nonprofits as part of its investment in the community. Ben Jordan, the chief operating officer at Machias Savings Bank, says that the branch's role has shifted to being a digital service and financial advice center. "Often, we are educating customers on the latest online products, helping with identity theft issues, providing card replacements and helping businesses to set up merchant services for credit and debit card payments," says Jordan. "Although our goal is to be able to offer the same in-person services digitally, we understand the need for human interaction too," he says. "Talking with a chatbot through artificial intelligence is easy, convenient and gaining in popularity. We are adopting more AI tech- nology every day. And yet, there are still humans behind the computers and you can still find those same knowl- edgeable humans in our branches across Maine." Alexis Wells, Mainebiz Staff Writer / Social Media St rategist, can be reached at aw el ls @ mainebiz.biz SALES@WAREBUTLER.COM Ware-Butler will supply products to earthwork and concrete jobs, roads/ bridges/construction jobs, grow businesses, storage units, livestock farms, health centers and commercial buildings of all types, infrastructure projects such as sand-salt sheds and municipal buildings, etc. WAREBUTLER.COM CONTACT US for your non-residential and commercial construction needs statewide in Maine. Put our statewide buying power and experienced sales team to work for you! Fabric / Pipe / Culverts / Styrofoam insulation / Construction lumber Sheet goods / Millwork / Metal roofing and siding products PRODUCTS OFFERED: AND MORE! » C O N T I N U E D F RO M P R E V I O U S PA G E All generations still banking in person M any Maine banks have seen that across all age demographics, from the silent genera- tion to Gen Z, customers prefer going to a branch for their banking needs to online options, while the reverse is also true. Tony McKim, president and CEO of Damariscotta- based First National Bank, says the bank views branches as another way to serve customers. "As business needs within demographic age groups change, we feel we always need to eval- uate the next branch/ online product so that we are maximizing customer convenience within the bank's capital budget for expansion," says McKim. At Machias Savings, the chief banking officer Jay Hood says data is starting to reveal that all generations still enjoy the ability to bank in person, if and when they choose. Six in 10 cus- tomers still turn to branches to address complex financial challenges.

• Cover