At a time when banking can happen almost entirely through a screen, Royal Banks of Missouri is investing in a different idea of what customers may still want from their bank.
The locally owned institution is growing across the St. Louis region while making an equally important commitment to remain independent, preserve its neighborhood connection, and continue investing in the communities that its employees and customers call home.
Royal Banks is preparing to open a location in Glen Carbon, Illinois, this fall, with another planned for South County. The expansion follows a new University City headquarters and a remodeled St. Louis Hills location on Watson Road.
“We will remain independent and locally owned,” says Mitchell P. Baden, president and chief executive officer of Royal Banks of Missouri. “It is part of our legacy and ongoing strategy to be a major contributor to the fabric and success of the communities we serve.”
As Royal Banks grows, its leaders want each new location to carry the familiarity and local decision-making responsible for distinguishing the bank in the first place.
What can a local banker offer that an app can’t?
Banking has changed dramatically as mobile apps and artificial intelligence make it possible to handle more financial tasks without entering a branch. Royal Banks sees technology as an important part of modern banking, though its leaders believe access to an actual person becomes even more valuable when financial decisions become complicated.
Buying a home, growing a business, starting a family, or preparing for retirement can bring questions that an app may struggle to answer. A community banker can understand the customer, as well as the local economy and financial objectives behind a decision.
“You are not a number at Royal,” Baden says. “I believe no matter how large the relationship is, it is a privilege to be our client’s financial partner.”
Royal Banks also operates interactive teller machines, combining digital convenience with access to a real person. Customers can connect with a Royal Banks team member through a virtual session from 8 a.m.–7 p.m. Monday through Friday and from 9 a.m.–2 p.m. on Saturday.
Technology may change how customers reach their bank, but Royal Banks believes that the relationship on the other side of the screen should remain personal.
“Our team lives in our communities,” Baden says. “When we go shopping, attend church, drop our kids off at school, or simply go to dinner, we see our neighbors and clients. The difference is this is our home.”
What staying local can mean for St. Louis
Choosing where to bank can have an impact that customers may never see from their account balance.
Royal Banks views local ownership as an opportunity to put resources back into the markets that it serves. Its work includes financing local businesses, supporting development, and partnering with organizations on philanthropic efforts across the region.
Baden sees access to local capital as one reason that community banks remain important. He points to commercial real estate as an area where community banks play a significant role, helping finance businesses and development in the markets they serve.
The same commitment to staying local also influences how Royal Banks works with each customer. Instead of directing every customer toward a predetermined product, Baden says bankers begin by listening and understanding what someone hopes to accomplish.
“We do not simply force a client into a service that is not appropriate for their needs. Most importantly, we listen and then provide the financial option that fits their individual needs,” he says.
Local banking gives Royal Banks opportunities to watch the impact of its work play out close to home, as businesses grow, organizations receive support, and customers pursue what comes next.
Why bigger isn’t always better in banking
As banks consolidate and financial services become more digital, Baden sees an enduring need for community banks and the local relationships that they provide.
“The future of community banking is strong,” Baden says. Royal Banks sees growth as a reason to strengthen its local identity, not leave it behind. As the bank reaches more communities, Baden wants the decisions affecting customers to remain close to the people and places behind them.
The people making those decisions are not hundreds of miles away. They may live and raise their families nearby, and share an interest in seeing the same community succeed.
Royal Banks intends to keep it this way.
This post was created by SLM Partner Studio on behalf of Royal Banks of Missouri. For more information, visit royalbanksofmo.com.
