Taking a page from challenger banks’ playbook, traditional banks and credit unions are focusing on niches to stand out in a mass of competitors.

“Brands are typically most effective if they are associated with an enthusiastic attraction,” said Sam Kilmer, fintech practice frontrunner at Cornerstone Advisers. “That doesn’t mean you can’t do value when you’re general and helping someone inside the an excellent [certain] postcode. But if you create a little adequate category that’s unique, you possess they.”

Some typically common establishments, including Silicon Valley Bank and Area National Bank, is actually grounded on a distinct segment, instance business creators to have SVB and you will entertainment-globe positives having Town Federal. Other people, such as for example KeyCorp inside the Cleveland and you may Needham Bank outside Boston made new takes on to recapture particular watchers, such as for instance physicians inside Key’s case otherwise marijuana businesses once the that have Needham. (more…)