Banking Changes to a Local Focus

With continued consolidation, there is a shift occurring in the way people approach banking. While some assume individuals and companies would gravitate to larger institutions, recent trends show the opposite.  Reduced customer service and feelings of increased depersonalization are driving people to switch to local banks. Recently the Wall Street Journal talked about how community banks have seen an increase in deposits while the industry as a whole has gone through a decline. They also noted that more consumers are interested in switching banks today than at any point in the last decade.

At RockPointBank, we believe that the largest common denominator triggering people to switch is that they feel that they are not valued by the larger institution; they want to feel like more than just a number. They also want access to technology that allows them to bank on their own terms, as well as timely decisions on loans, the ability to have a relationship with a banker, and just better customer service. 

When you add up all those things it equals a better experience for the customer. The fact that we are owned, managed, and headquartered right here in Chattanooga gives us a distinct advantage over larger institutions that work through centralized processes in faraway locations and must ask for approval from decision-makers who simply do not know our customers or this market we call home.

Community banks are the source of funds for more than 60% of small business loans, so banking locally is a tangible way you can support entrepreneurs and business owners in your neighborhood. RockPointBank is proud to be part of the economic engine that creates 62% of all new jobs annually. We take in deposits and distribute loans throughout the Chattanooga region. The proceeds from the small businesses we serve employ residents, fund municipalities, and continue the cycle of growth throughout our local economy. 

Currently, twenty-one banks are operating in Hamilton County, with more coming into the market because of the tremendous growth the community has seen in recent years. When RockPointBank opened its doors as “Chattanooga’s Local Bank” in March 2021, we had $0 in deposits and were last on the list in terms of market share. The most recent FDIC report, dated 6/30/2023, shows that we have moved to number 11 out of 21 and continue to see amazing growth and momentum. After just three years in the market, we have won the trust of many valued customers, which translates into more market share than some banks that have been in the market for decades. 

Community banks serve an important role in the banking ecosystem and we are growing faster than the banking industry as a whole. RockPointBank is experiencing faster growth than many of our peers. We believe the reason our customers are so happy with us and keep telling others about us is simple: through our local focus, concierge-style banking service, and attention to great customer care, we offer a better experience.