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.”
More in Marketing
D+ Research: Brands expand creator marketing strategies
Many are partnering with creators to help drive seasonal campaigns, support product launches and, in some cases, even help develop products
Ad Tech Briefing: Google is morphing from media to tech, adland braces for impact
The entity formerly known as DoubleClick remains the runt of the Alphabet litter, while its cloud business continues to go from strength to strength.
OpenAI is already building the org chart of a mature ad business
Two job postings on its careers page suggest OpenAI wants third parties, not just its own sellers, to sell its inventory.