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Direct banking models are demonstrating
their value in the marketplace for
financial services. Based on online and
remote banking technologies, direct
banks often find their costs are lower
and their customers better served. COCC
continues to expand these important
product and service areas as more
clients adopt the direct banking model.
Our greatest opportunities often come
from careful observation. At Westfield
Bank, we noticed that our customers
preferred to use an ATM even while the
branch or drive-up window were open.
That observation has shaped the way we
serve our customers in profound ways.
We backed away from the traditional
strategy of building an extensive branch
office network. Instead, we used our
technology partnership with COCC to
focus on serving customers online. As
more companies and consumers began to
transact business over the Internet, our
bank reaped the rewards with high growth
and low overhead. COCC was with us every
step of the way.
Our strategy really gained traction when
remote deposit technology was
introduced. Today, we receive 63% of our
checks via remote deposit, which is a
major factor in the bank’s high
efficiency. We also saw our commercial
deposits increase from $63 million in
2006 to $182 million in 2008, a gain of
nearly 200 percent over two years.
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Jon Park
President
ASSETS:
$442 Million
MEMBERS:
140,000 members
SUCCESS:
Commercial deposits soared 200% in
just two years while the bank’s
efficiency ratio reached 55% thanks to
record use of remote deposit capture and
other online channels. |
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