Ron Bernas Vice President, Consumer Sales. Conestoga Bank is a full-service financial institution...
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Transcript of Ron Bernas Vice President, Consumer Sales. Conestoga Bank is a full-service financial institution...
Conestoga Bank is a full-service financial institution with 16 locations in Center City and South Philadelphia, Bucks, Chester, Montgomery and Delaware counties. A wholly-owned subsidiary of Conestoga Bancorp, Conestoga Bank is headquartered in Chester Springs, Pennsylvania.
Asset size: 700 Million
Who We Are
Complete branch transformation (Philadelphia) Redesign traditional branch into modern technology-
infused branch of the future Physical branch size reduced by 20% Personal Teller Machines (PTMs) replace teller lines Staffing Model ◦ Staff reduction – efficiencies gained◦ Sales-focused (Street Team created)
Leverage technologies to meet shifting consumer preferences
The Bankwerx Branch
Target Audience◦Millennials◦ Tech-savvy, upwardly mobile consumers
Product Offerings◦ Focus on core deposit accounts – featuring eChecking◦ Recent launch of Conestoga Bank Prepaid Debit Card
Service Solutions◦ In-branch: PTMs, self-service account opening, and video
conferencing◦Online: online banking, mobile banking, mobile deposit
Bankwerx Strategy
Existing Customers◦ High customer retention rate◦ Easy adoption of technology – PTMs
New Customer Growth - (from June 2012 launch date to present)
◦ 31% increase in new customers (59% millennial age range)
◦ 77% increase in new account openings (41% millennial age range)
Marketing Strategies◦ Blend of traditional and digital strategies◦ Street Team – branch events and demographically targeted
offsite events
Results – What’s Working
Pilot concept outside existing market◦ Launch in areas abundant in target demographics◦ Create exclusive products
Opportunities for greater efficiencies◦ Physical site – potentially could have reduced size by closer to
50%◦ Staffing – reduced staff by 1 FTE. However, as more Bankwerx
branches come online, potential to reduce in-branch staff even greater.
Lessons Learned