The Business Bank of Texas has given online banking a whole new definition. As one of Austin's newest banks, Business Bank of Texas has strategized a new way of helping business owners with their financial needs by doing away with tellers, long lines, drive-thrus, and even a lobby! Almost all transactions are completed via the world wide web.
Potential customers are personally contacted via phone by bank founder and Chairman, Ed Lette and his chief financial officer. During these sales calls, business owners are persuaded to join the bank through incentives such as:
saving on monthly fees (because everything is electronic)
access to latest technology like electronic check cashing and payroll debit cards
So what does this mean exactly for one-on-one customer relations? Has it been thrown by the wayside?
Heck no! In fact, Michael Andrews, an analyst for SNL Financial says this gives the one branch bank the opportunity to build stronger networks, spend more time making loans, and working with individuals.
For now, this is the only bank like it in the area. A test trial if you will. However, since more and more people are resorting to technological conveniences like the internet, this may be the way of the future?