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Many things come into play when managing your finances. It all starts with who you choose to bank with and place not only your money with, but also your trust. The size of your bank can have a surprising impact on your financial structure and your experience. From the services they offer to customer service and overall stability, the size of your bank can influence everything. While everyone values convenience, does that really play a part in your long-term financial success? Let’s dive into how the size of your bank can impact you.
Personalized Service
One of the main differences you will notice between smaller vs. larger banks is the level of personalization you receive. Smaller community driven banks tend to have more of a personalized approach. They’re able to create closer relationships with customers, remembering names, and at times offering tailored services with quicker resolutions. Making a phone call to your local community bank, you’re much more likely to have a person on the other end of the line rather than getting an automated phone system assisting you. If you value a personal connection with your banker and quick financial advice, a smaller institution sounds like the right fit. At First National Bank of Oklahoma we take pride in knowing our customers by name and their individual needs.
On the other hand, larger banks can provide more accessibility in terms of their branch locations and ATMs. Larger institutions have the ability to maintain a wider network, making it easier to access your funds anywhere and at any time. If you frequently travel or move and prefer to have a bank that’s readily accessible nationwide or even globally, a larger bank might be your best bet. For some, the convenience of this service is paramount when making their decision on where to bank.
Community Impact and Investment
For many, local impact plays a big role in selecting their bank. People want to see their bank giving back and prioritizing the people in the communities they live in and serve, so we strive to keep the bar high when it comes to community assistance and support. Community banks tend to invest in local organizations and clubs, assisting schools or funding small businesses. Building relationships is at the forefront of a community bank’s culture and it can be rewarding to know your bank prioritizes their community. If you’re passionate about this too, a smaller bank may be a good fit.
Large banks, while they do offer community programs and corporate social responsibility initiatives, they don’t always have the same level of investment in individual communities. Large banks may have more capability to broaden their reach though, if we’re considering the number of employees they may host.
Range of Products and Services
Larger banks tend to have a broader range of products and services. From high-end wealth management to extensive credit card options, investment solutions, technology and beyond. Large banks often have a comprehensive portfolio designed to meet the needs of a diverse clientele which is often a must in bigger cities. If you’re looking for convenience and have a one-stop-shop mentality about your banking experience, a bigger bank could be your preferred choice. Fees are also an important factor to consider. Larger banks often have higher fees for account maintenance.
Smaller banks tend to focus on specific products such as personal loans, savings accounts, and basic business product offerings. They like to keep it simple and less overwhelming for customers, and usually specialize greatly in the products they do offer. Providing in-depth knowledge and focused attention is key. A smaller bank can provide unique advantages to you in the form of tailored products to fit your individual needs. With us, you can expect a staff that will do their best to customize your experience and have a bit more flexibility in the process. Our products are structured to your advantage, all while keeping things direct and easy.
Technological Capabilities
Technology has become a driving force in the banking industry, and the size of your bank can significantly impact your experience with it. Larger banks often have more financial resources to invest in cutting-edge technology, offering robust mobile apps, and other digital tools. Features like budgeting tools, calculators and AI-powered customer support are often available at larger institutions, making banking easier and more convenient.
Smaller banks may not have the same technological capabilities as their larger counterparts. However, many have made great strides in improving their online banking platforms in recent years. While you may not find the same expansive suite of features, you might enjoy a more streamlined, straightforward, and less overwhelming user experience with a smaller bank. Sometimes this can be better for those that want to keep it simple. Here at First National Bank of Oklahoma, we have made great strides in our technology offerings the last few years and are proud to offer many essentials. Some of those being ‘Positive Pay’, ‘Bill Pay’, ‘Cash Management’ services, in app ‘Card Controls’ and the extra security of ‘Tap to Pay Debit Cards’ just to name a few.
Lending Opportunities and Loan Approval
The size of your bank can also impact your ability to obtain credit. Large banks, with their vast financial resources, tend to have more stringent lending criteria. While this can be an advantage for individuals with strong credit histories, it may not always be ideal for customers with less than perfect credit or unconventional financial situations.
Smaller banks or credit unions, by contrast, may have more flexibility in their lending criteria. Since they tend to have closer relationships with their customers, they may be more willing to work with you on a loan application. If you’re looking to secure a personal loan, car loan, or mortgage, a smaller bank may offer a more personalized and adaptable approach to lending. Our loan officers work with you and dive deep into your finances and personal situation to truly understand your needs.
Conclusion: Bigger Isn’t Always Better
Ultimately, the size of your bank matters because it affects how you interact with your finances as a whole. Larger banks, as a whole, offer location convenience, a wide range of services, and cutting-edge technology, but they might lack the personal touch and lower fees of smaller institutions. Smaller banks and credit unions, while offering more personalized service and lower fees, may not have the same expansive reach or products depending on their advancement efforts.
The key is to evaluate what’s most important to you specifically and your needs. Whether it’s convenience, service, fees, or technology, you should choose a bank that aligns with your requirements and personal values. By understanding the pros and cons of each, you can make an informed decision that will benefit you for years to come.