Patriot succeeding in the digital era
The community bank is no longer just a brick-and-mortar business.
Southwestern Connecticut-based banks are devoting an increasing amount of resources to digital banking as they respond to customer demand and aim to grow their businesses. The trend shows no signs of slowing, but both banks and their patrons have expressed a desire to maintain in-person service as the industry’s technology continues to advance.
For Stamford-based Patriot Bank, its online platforms allow it to reach customers outside southwestern Connecticut, in turn creating a larger deposit base to support its overall expansion. Deposits reached $655 million in the first quarter of this year, up 17 percent from a year ago.
In its latest earnings report, Patriot announced it was in the final stages of hiring a chief marketing officer and mobile banking strategist. The new executive’s responsibilities would include oversight of improved digital services and the build-out of a national small-business lending platform.
“In order for us to fuel growth initiatives, particularly around loans, we have focused on a more enhanced and sophisticated digital platform to track deposits that aren’t restricted by geography,” said Rick Muskus Jr., the bank’s president.