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Provident Bank is focusing on enhancing customer experience through a strategy that emphasizes trust and simplicity rather than the latest technological innovations. Senior Vice President of Digital Channels, Scott Hurlbert, highlighted this approach during a recent discussion, sharing a personal anecdote about his daughter seeking advice on high-yield savings options. This exchange underscores the importance of a trustworthy relationship between banks and their customers, particularly as younger generations increasingly seek financial guidance.
Founded in Jersey City in 1839, Provident Bank reported assets of $24.83 billion as of September 30, 2023. The bank operates over 140 branches across New Jersey, New York, and Pennsylvania, complemented by robust mobile and online banking services. In December 2023, Provident announced several leadership appointments aimed at improving customer experience and fostering innovation, specifically through enhanced technology and data management.
Hurlbert noted that the strategic hiring is intended to cultivate a culture that prioritizes customer interactions. He stated, “It starts from the top of the company to create the right culture, to create the right experience, to create that emotional connection with our customers.” This culture is aimed at distinguishing Provident from larger national banks by focusing on superior service rather than competing on spending.
The stakes are high, especially with younger customers. Research from PYMNTS Intelligence and Velera indicates that 36% of Generation Z members consider switching banks, compared to just 14% of the general population. While this demographic is open to using AI for financial planning, nearly half still prefer in-person interactions for advice. This highlights the need for community banks like Provident to deliver smooth digital experiences while maintaining personal relationships.
Hurlbert acknowledged that trust is paramount for younger customers who may not have extensive banking experience. “If you’re unsure, chances are you actually want to talk to somebody and understand, am I doing the right thing?” he explained. Provident’s transformation plan is not about adopting technology for its own sake. Rather, the focus is on ensuring that technology serves a clear purpose in enhancing customer experience.
The bank has made significant improvements in its online onboarding process, allowing customers to begin account setups digitally and complete them in branches without repetitive steps. Hurlbert criticized larger institutions for their experimental approaches, which can confuse customers. “Big banks try everything and see what sticks,” he said, highlighting that such practices can lead to instability for clients who value consistency.
Looking ahead, Provident is gearing up for a core banking conversion that will streamline future improvements. The bank also plans to enhance its bill payment services and is developing a new mobile app, set for release within the next 12 months. Hurlbert emphasized the importance of continuous evolution: “You can’t stand still. What we did before isn’t going to get us where we need to go.”
As community banks face increasing competition from national institutions, Provident Bank is committed to leveraging trust and customer engagement as its primary competitive advantages. This strategy reflects a broader shift in the banking industry, where the ability to foster strong relationships may prove more valuable than simply adopting the latest technological advancements.
