Beneficial Bank Looks to Mix Old and New to Stay Competitive

Beneficial has long used personal touch in banking, with a new age of banking upon us the bank is looking to broaden their strategy to stay relevant; they have closed 12 branches and transformed others into community centers with banking services as an add on; they have also begun exploring fintech partnerships, in a traditional vendor sense and by taking equity in the startups that fit their vision; the bank has also moved into business banking as it is more profitable, though it still offers consumer products; “We’re at a break point; we’re not naive that we’re being displaced — all community banks are,” said CEO Gerry Cuddy to TearSheet. “Marcus [by Goldman Sachs] is going to take some of our savings business.” Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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