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The Conference Room: Modern Money

by Editorial Staff--South Jersey Biz

In a world where mobile technology is taking over nearly every industry, banking is no exception. But as more and more people not only pay their bills on their phone but also use it to make transactions in person, many have wondered: Will retail banking become obsolete?

Doug Smith (pictured, left)
Senior Vice President, Consumer Banking, Sun National Bank
“Mobile banking and other technologies have influenced the way banks deliver products and services to their customers as well as customer preferences for ways to get their banking done. But for banks like Sun that want to provide choice, convenience and flexibility to customers, branches are still necessary. We value our customer relationships and we want our customers to have the option to deal face to face with us in a branch environment. The ability for customers to visit a branch to open new accounts, handle complex financial transactions or discuss new product options or solutions is still very desirable for most customers. Above all, providing customers with multiple channels to choose from—mobile, online, phone and in-branch—is imperative for banks.”

Kevin R. Gibala (pictured, right)
Commercial Loan Officer, Franklin Bank
“Mobile banking, or mobile anything for that matter, has become the method of choice for the everyday smartphone user to conduct their business. Many bank customers are now accustomed to checking their balances, transferring money and even making their loan payments by phone without having to stop by their local bank branch. However, even with the current hype of mobile banking, I don’t believe the days of traditional retail banking are over. Quite often, our customers tell us how grateful they are to have a community bank that will still spend face-to-face time answering questions or giving them helpful financial advice. A brick and mortar branch with exceptional personalized service is something a mobile app simply can’t replace—well at least not just yet.”

Published (and copyrighted) in South Jersey Biz, Volume 3, Issue 10 (October, 2013).
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