What a scrappy Oklahoma bank can teach the industry about branch strategy

Citizens Bank of Edmond is trying to get closer to small business customers by providing space, guidance and almost anything else they might need — besides, of course, a loan.

The one-branch community bank in Edmond, Oklahoma once had another branch, 12,000 square feet located one block away from the main space, with a drive-thru window and some executive offices. But recently the bank decided to consolidate it into a single location and has now turned it into a “business social” co-working environment, called Vault 405, for its small business customers that includes wireless charging stations, conference rooms and a podcast studio.

It’s similar to the way Barclays’ Rise accelerator provides a co-working space for its startups, but Citizens also sees it differently.

“The difference is as that as a community banker I’m also a small business owner,” said CEO Jill Castilla. “So when I’m talking and collaborating with them in this incubator type of space we’re not just talking about what’s good for them, we’re talking about challenges we have in our small business and how we address them… The office space will be just as beneficial to the bank beyond loans and depots, it’ll make us a better small business.”

Read the full story on tearsheet.co

https://digiday.com/?p=274705

More in Marketing

The lead image shows a football player taking a selfie.

How partnerships between athletes and brands are beginning to resemble influencer deals

Relationships between brands and athletes are getting shorter, as the line between influencer and athlete blurs.

Amazon Prime Day recap: Shoppers buy household items over pricey splurges on first day

Market research firm Numerator said the average order size on Prime Day so far is $59.78, according to data culled from nearly 7,500 Amazon orders by more than 4,000 households.

Advertisers don’t seem too tempted by Meta putting ads on Threads

Sure, there’s interest, but it’s tempered by the fact that advertisers still don’t really know why they should be on the app in the first place.