3-Minute Read
Tower utilizes unique strategy to provide digital services to customers
Tower Community Bank hired an industry outsider to come in and deploy a new department: the Virtual Bank. Through partnering with Invo, Tower has began to see these visions come to life.
The Results
Deployed Video Banking
Implement Other Tools like Scheduling and Chat
Created Virtual Bank Strategy from Scratch
About Tower
Founded in 1970, Tower Community Bank opened its doors with the specific task of serving underserved members of the community. Tower originally served miners, factory workers, and other members of the community that had a hard time getting loans and bank accounts elsewhere.
$360 Million+ in Assets
Since 1970, Tower has grown exponentially, with assets exceeding $360 million.
Two states
Tower Community Bank was originally founded in Tennessee but has expanded into Alabama and is continuing to grow.
15 Branches
Tower has 15 branches across middle and southern Tennessee, as well as northern Alabama.
Launch Tower’s first-ever virtual bank
Tower’s ultimate goal in looking for a partner was to give their customers the power of choice. Whether they were coming into a branch or sitting on their couch at home, Tower not only wanted to give their customers access to their bank, but also access to their tellers.
The Challenge
Make the bank more accessible to customers through virtual banking. Tower partnered with Invo to create new digital channels that went beyond traditional digital tools and branched into virtual banking. They needed tools that were not only cutting edge, but that were also user friendly and easily meshed with existing technologies.
Invo’s Solution
Invo helped Tower to deploy in-branch, web, and mobile video banking. This allowed customers to have access to their tellers and Tower staff from anywhere they had internet access. Through tools like co-browsing, electronic signature, and document capture, customers were able to complete the most complex financial transactions – from start to finish – on one call.
“Our goal is to make [virtual banking] as easy and as obvious as possible.”
Brett Hollenbeck
Virtual Bank Director
Tower Community Bank
Tower has implemented multiple video banking options including dozens of in-branch kiosks.
They have also deployed other additional digital banking tools, such as Invo Booking, a Google and Outlook integrated scheduling, co-browsing and a chatbot.
Deploy strategy that increases revenue
While Tower’s ultimate goal was to serve customers through the virtual bank, they were also looking for unique strategies to help increase revenue. With Invo, they were looking for a partner that could provide technologies that would add value, not just to the customer, but to the bank as well.
The Challenge
Deploy digital banking tools that best served customers but didn’t add inherent overhead, a common challenge among banks looking to deploy digital tools. Tower wanted to monetize its service tools. So, they hired a new Virtual Banks Director from outside the banking industry who turned to Invo for help.
Invo’s Solution
The process began with the deployment of in-branch, web, and mobile video banking. These tools allow financial institutions to better utilize existing staff and result in upwards of $120K in annual staffing costs. Tower also deployed tools like co-browsing, which sees sales increases of near 10% when deployed by financial institutions.
Serve underserved customers in the area
As a bank that started with the mission of serving underserved members of their community, Tower continued to look for ways to serve folks who have less access to banking. This includes another underserved group in their community.
The Challenge
Tower Community Bank entered 2023 looking to launch a new Latino bank branch in Murfreesboro, Tennessee. This was another underserved community that needed banking services that were both accessible and convenient.
Invo’s Solution
Tower has pushed towards launching this branch with the help of Invo digital tools such as web video banking and co-browsing, allowing members of the community to access their bank without being in-person at a branch.
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Customer Satisfaction in a Digital World
✓ Learn how to overcome hiring & staffing struggles with digital tools.
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✓ Find out why features like Co-Browsing increase customer satisfaction
Have Questions?
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Will Bruner
Solutions Consultant