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.
