Why Bank Branches Matter for Businesses

By: Steven Cuddy, Wards Corner Branch Manager, Norfolk, VA

Online banking offers a wide range of services an individual can do themselves, but there are several banking benefits that one cannot experience online alone. Our Wards Corner Branch Manager, Steven Cuddy, discusses the importance that the in-person branch interaction can make for businesses, both from a personal and business standpoint. 

Are Bank Branches Still Necessary?

I have over twenty years of experience in the banking industry, and I'm often asked, "Steven, why do I even need to go to a physical bank branch when I can do everything online?" And typically, I respond with, "there are some things you can't do online." Sure, you can execute transactions, check balances, deposit checks, pay bills, and more, but what about when you have a real question about your financial future? Or, what if you plan to start a business and need help with your business plan? That's where having the ability to visit a local banking office can help. They are key to establishing a relationship to help guide you with important decisions and can act as a hub for your finances or business resources. 

Advantages of In-person Visits for Businesses

The in-person interactions at a branch bank offer a platform for personalized service, trust-building, and a thorough understanding of you and your business’s unique needs. This personal touch is particularly significant for businesses that value face-to-face communication and specialized financial advice. I've met with several of my business banking members to help guide them through complex decisions regarding the financial needs of their companies.

Advantages of In-person Visits for Individuals

Very often, I meet with individuals to discuss ways they can improve their credit, start a savings plan, consolidate debt, or even set up accounts in the event of a tragedy. I’ve learned that so many things happen over the course of a conversation that can't happen in the online space, such as watching for signals and knowing when a decision brings comfort to an uncomfortable situation.   

Members who come into one of our TowneBank offices also impart a sense of confidence and reassurance. The possibility of visiting a bank near you and engaging in a conversation with knowledgeable staff can alleviate concerns, especially on complex financial matters. Plus, many TowneBank offices have other financial experts for insurance, mortgage, and wealth management. I can pick up the phone during any meeting with a member and call them to join in our conversation if needed - it's much easier than doing a Google search and sifting through the results until you think you've landed on the right one. 

Finally, bank branches can also act as a hub for business resources. Sure, you can come here and secure business loans and bank accounts, but very often, we bring financial education and networking opportunities to our communities. I personally enjoy connecting businesses with one another, especially if there is an opportunity for growth that leads to more jobs and resources in the area where I serve. TowneBank offices are a place that can provide a wealth of resources to help businesses flourish. 

So, why do I need a bank near me? 

To sum it up, here are three key reasons why choosing a bank with an office near you is important:

1. Accessibility for Business Transactions: TowneBank offices provide a physical banking location where businesses can conduct various financial transactions. Whether it's depositing large amounts of money, withdrawing cash, or arranging complex financial matters, a nearby bank branch ensures easy access to these services.

2. Assistance with Complex Financial Needs: Whether you're managing your personal finances or running a business, bank branches offer the advantage of in-person consultations with professionals who can provide tailored advice and guidance. This personal touch can be invaluable when navigating intricate financial decisions that can significantly impact a business's success.

3. Security and Peace of Mind: Despite improvements in online security measures, individuals and businesses may still have concerns about the safety of financial transactions, and bank branches provide physical verification and confirmation of transactions. Additionally, if there are any issues or discrepancies, it's easy to visit your local banking office and speak directly with a representative to resolve any problems.

Embrace the Hybrid Banking Model

We live in an exciting time where we can embrace what is often referred to as the hybrid banking model where both you and businesses can enjoy the best of both worlds. On one hand, digital banking tools allow for quick and easy transactions, access to real-time financial information, and the convenience of managing accounts remotely. On the other hand, for more complex needs like opening a business account, discussing complex financial matters, or seeking guidance for an unusual transaction, an in-person interaction with a local banker makes all the difference. So, sure, we're here to provide the online banking services that make your life easier, but we also have the people to help when you need it - a real winning combination.

My team at the Wards Corner office in Norfolk, VA is ready to help you with all your business banking needs, whether it's setting up accounts, accessing financing solutions, or navigating complex financial matters.

Stop by and visit us, we'd love to meet you! 

More About Steven

Steven joined the TowneBank family in 2019 and provides two decades of financial industry experience. He started his career in banking at 15 years old and has held positions in all levels of retail banking. As branch manager, he actively seeks to build both personal and commercial business relationships to help members achieve financial success.

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The information provided is not intended to be legal, tax, or financial advice or recommendations for any specific individual, business, or circumstance. TowneBank cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided for illustrative purposes only. You are encouraged to consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.

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