The internet has had a tremendous impact on community banking and all industries in general as consumers and businesses alike are searching for more efficient and immediate tools for communications and information. The capabilities available through the Internet are becoming as necessary in doing business as fax machines, pagers and cell phones. Community banks must remain competitive and take advantage of the opportunities afforded with the Internet and e-commerce. I agree we've got to become more competitive. Today, where information is available at our fingertips, the community banking industry has to be technologically aggressive to remain competitive.
Busy lifestyles allow consumers to utilize the Internet and e-banking for knowledge and options.
Customers are demanding products and services that allow them to conduct banking business at their convenience. This places most community banks in a difficult position because they do not have the financial resources or technical resources to implement these products and services in-house. Typically, community banks are forced to outsource a product or service like online banking via the Internet to third-party vendors. The Internet is an opportunity for smaller banks. For a nominal investment, even a small bank can have a presence on the Web and offer customers online access to their accounts and electronic bill payment.