Scott Sheppard is senior vice president of retail banking for Centreville Bank. He previously served five years as Centreville’s vice president of commercial lending and holds a law degree from the Thomas Jefferson School of Law.
Sheppard spoke with Providence Business News about retail banking and what Centreville Bank is doing to continue serving customers and protect employees amid the coronavirus pandemic.
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PBN: How have Centreville Bank’s retail banking operations shifted in response to COVID-19?
SHEPPARD: Like many businesses, we’ve adjusted the way we operate, but we remain committed to providing uninterrupted service while keeping our customers and employees safe. We’ve leveraged our network of interactive teller machines, which allow customers to remotely interact with a banker from our West Warwick contact center from 7 a.m. to 7 p.m. and perform almost any transaction done inside our lobbies. The ITMs have helped offset the impact on customers with branch transaction processing limited to drive-thru or appointment only.
Thanks to our IT [information technology] department, we were prepared to quickly transition our operations staff to a remote workforce. For departments that cannot work remotely, we’ve separated teams to adhere to social distancing guidelines and limit the impact that any diagnosis would have on our staff.
PBN: Are certain retail bank activities still keeping pace, or increasing, despite the economic downturn?
SHEPPARD: From a banking standpoint, it has largely been business as usual. Transaction counts have been steady, with the only difference being the methods used to process those transactions. We have noticed an increase in the utilization of technology across newer and well-established platforms, from ITMs and person-to-person payments to online banking and direct deposit. New accounts are opening at the same volume, our home equity and consumer loan pipeline remains healthy and with rates remaining low, we’re seeing an increase in mortgage refinance applications.
PBN: Does Centreville have any planned investments in technology and artificial intelligence to help with the transition to a more online/mobile-focused banking experience?
SHEPPARD: Centreville Bank is built on relationships. Our customers are looking for an individual they trust, someone who will look out for them and provide direction. That’s our niche and we know that’s where we have success, so any investment in technology needs to be done with that customer in mind.
When assessing a technology, we ask ourselves if it will enhance our customer’s ability to engage with us or provide them access to that banker they know and trust. If not, then will it help us understand the customer’s needs and allow us to tailor solutions for them? If the answer is yes to either question, then we evaluate the technology and consider integrating it into our systems.
PBN: A big part of Centreville’s identity is its community-centered banking experience. How are you continuing or adopting that focus amid a decrease in in-person services under COVID-19?
SHEPPARD: We are using a variety of channels to remind customers that we’re open for business, they can still access their accounts and we remain one of the best-capitalized banks in the country. We’ve also been reaching out to customers who may not be able to come in to ensure they are taken care of and asking customers if there are any questions or concerns that we can preemptively address. The response has been extremely positive, and I hope that it gives them one less thing to worry about right now.
There is a new normal in banking, a balancing act where banks need to have the technology to attract new customers without disrupting the traditional methods some existing customers may prefer, and I feel as though we’ve been successful in our approach.
PBN: What historic events, if any, would you compare the current crisis to from a banking perspective?
SHEPPARD: I’m no historian, but from what I’ve read, there are elements of the current crisis that mirror the pandemic of 1918-1919. For instance, business customers, especially in the entertainment and service industries, saw immediate revenue loss and turned to their lenders for relief either in the form of modifications to existing debt or short-term financing to shore up their liquidity needs. The resulting unemployment created the same needs for consumer customers. Fortunately, the economic impact in 1918-1919 was short-lived and we hope that this one will be as well.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
