Innovations in Efficient Banking
When customers of Cambridge Savings Bank (CSB) ask their bankers about their mortgage, they will not automatically be asked “Would you like to open a credit card today?” or “Would you like to open another account for your family member?” The customer will be supported efficiently and comprehensively, so that their financial needs are identified and addressed.
If you ask CEO, Wayne Patenaude, why CSB embraces low-pressure, efficient,customer-focused service experiences for customers, he will tell you:
“We believe that in order to compete in the banking industry, especially in the Greater Boston area, one of the most competitive banking marketplaces in the country, we absolutely must provide exceptional products and exceptional and memorable service to meet the needs of the community.”
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Founded as the first institutional savings bank in Cambridge, Mass., in 1834, CSB is one of the oldest and largest mutual banks in Massachusetts. The bankhas over $4B in assets, with 16 branch locations in10 communities throughout Middlesex and Suffolk Counties, and serves individuals, small businesses,and large commercial clients. The visionary,community-minded Mr. Patenaude has led the bank since 2013.
Leveraging Legacy to Innovate Where it Matters to Customers
CSB’s focus on providing excellent relationship minded services to customers has been their guiding light throughout the years. The in-person banking experience is characterized by the Universal Banking Model, which trains all customer-facing bankers in each branch to be able to answer 95% of all customer needs. Rather than having to wait for a specialist to support a specific banking need, eachCSB banker can address just about every issue that bring customers into the branches. Both employees and customers appreciate the increased humanity and level of service of this model.
“This model, which replaces the traditional glass wall of a teller line with an open concept and wall-less ‘teller pods,’ quite literally breaks down the barriers between bankers and customers,” one CSB employee says, “It allows for us to form even closer relationships with our customers, in a space that feels more welcoming and approachable.”
Despite these industry-leading steps toward an optimized in-person banking experience, Patenaude and his team know that many CSB customers also appreciate efficient online capabilities. Therefore, they have also invested in creating an optimal online and mobile experience using cutting-edge software and design that allows customers to find information quickly and transact business with minimal friction.
“People value time,” Patenaude emphasizes. “And we make every effort to respect that.”
Another design enhancement is the remarkable atmosphere the bank has created at its new Operations Center in Waltham, Mass. which has further increased the bank’s culture of collaboration. The building is LEED Gold-certified andCSB is currently pursuing the LEED Platinum certification as well as the equally prestigious WELL certification, which validates and measures building features that support and advance human health and wellness. The building contains a yoga studio, wellness and relaxation rooms, and a fitness studio—which are accessible to employees before, during, and after work hours.
The reason CSB is able to invest in creating superior products and services hinges on one word: Mutuality.
CSB is a mutual institution, driven by what really matters– its employees, its customers, and its community. A mutual bank,such as CSB, has no external shareholders to pay in the form of dividends. Without the pressure of having to deliver to shareholders every quarter, mutual institutions can do some very important things:
- Take a long view of success and invest earnings in building a better business (rather than pay earnings out to shareholders)
- Offer competitive rates on all products and services (rather than drive prices up to maximize revenue in the short term)
- Make loan decisions locally with expertise in the markets served (rather than adopting rigid loan parameters that don’t take additional variables into account)
- Invest in educational offerings and philanthropy in the community
- Invest in employee career growth, wellness, and overall development
Wayne Patenaude has been in the banking business for 33 years. His father was a banker and three of his brothers are all bankers. Patenaude chooses to work at a mutual institution, in part, because of a value that has been instilled in him by his family: that banks are essential components of the communities in which they exist. A bank with customer-focused products, services, and programs is better positioned to maintain and improve the health of the community and the people it serves. This sense of impact is a reason to love banking and a reason to continue to innovate.
“We give back to our communities through grants, sponsorships, and scholarships,” Patenaude says, “as well as through employee volunteerism andour financial education programs—especially for seniors, and youth in schools in under-resourced communities.”
Over the past ten years, CSB has donated nearly $10 million and contributed more than 25,000 volunteer hours to the local communities in which it serves.
“We’re proud to say that giving back isn’t an obligation, it’s a privilege. We live and work in the community— we’re a part of it—and we believe that comes with a greater responsibility to give back to those around us,” says Patenaude.
“We’re firmly committed to continuing to fulfill that responsibility for generations to come.”This
This content was provided by Financial Service Directory. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.
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