Community banking meets modern tech at Forest Park Bank
Since 1943, Forest Park Bank has supported the near western suburbs of Chicago specializing in small business, commercial real estate, and consumer lending. The $315 million-asset bank, with 49 employees, one main office and one branch, takes pride in being a family-owned independent bank, with a commitment to community banking, local ownership and decision making, and high-touch customer service.
Like other banks, Forest Park Bank witnessed a significant increase in both the demand for and usage of digital services since the start of the pandemic. Customers who were new to digital banking discovered its value out of necessity and have since embraced these services wholeheartedly. Many now wonder why they didn't adopt digital options sooner.
To enhance its digital capabilities and compete with larger banks, Forest Park Bank chose to invest in some key initiatives, powered by Jack Henry. These investments are designed to strengthen its community-oriented approach while ensuring that customer interactions remain at the heart of its operations.
- Account opening process. Forest Park Bank is implementing a streamlined account opening process for customers who choose to open an account at one of their branches, allowing personal bankers to concentrate on customer interaction. Additionally, the bank will be integrating online account opening for their existing customers, and introduce a “mobile branch” feature, enabling bank personnel to open new accounts at a customer's home or office.
- Contactless payments: Forest Park Bank will introduce contactless debit cards and mobile wallet options, enhancing the ease and security of card transactions with simple tap-and-go functionality.
- Online banking and mobile banking platform: The bank is investing in a modern online banking and mobile banking platform that will provide a better user experience and offer additional features to the bank’s customers. The platform allows customers to manage their accounts conveniently, according to their own schedules.
- Fraud prevention: Forest Park Bank will also leverage several fraud monitoring solutions to help protect customers’ accounts in real-time and comply with regulatory requirements.
Digital tools such as mobile banking apps, contactless payments, and intuitive online platforms enhance the experience for current customers while aligning with the tech-savvy preferences of millennials and Gen Z. As these younger generations are banks’ customers of tomorrow, providing fast, efficient, and secure digital options is essential to meet their expectations and ensure long-term appeal.
2024 marks a pivotal year of change for Forest Park Bank, and its investments in modern and open digital tools set the foundation for this transformative mindset. By offering a blend of traditional community values and digital convenience, Forest Park Bank is poised to continue its legacy of service well into the future, ensuring a seamless banking experience for generations to come.
About Author:
Charles L. Miller, Senior Vice President, Operations at Forest Park Bank