Banker & Tradesman: Nov. 23, 2020

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MONTHLY TRANSFER DIRECTORY REPORTS

Call 617.896.5388 or email datasolutions@thewarrengroup.com

THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Middlesex Spotlight: Newton

When John Valverde talks about the power of education as a route to selfbetterment, he speaks from personal experience. The CEO of Roxbury-based job training program YouthBuild used the 16 years he spent behind bars to earn bachelor’s and master’s degrees.

IN PERSON

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WEEK OF MONDAY, NOVEMBER 23, 2020

BANKING & LENDING BY THE NUMBERS

FA C E - T O - FA C E O F F

87 percent The share of customers who plan to keep using digital banking services at their current level. See Diane McLaughlin’s story on this page. Source: BAI

$10 The equivalent daily cost of a workfrom-home tax proposed by Deutsche Bank. See Scott Van Voorhis’ column on page 3. Source: Deutsche Bank

$671 billion The size in assets of StonehamBank. See Diane McLaughlin’s story on this page. Source: FDIC

8.34 percent The size of Guaranteed Rate’s share of the Middlesex County mortgage market. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module

40 percent The share of customers who use their bank’s mobile app every day. See Diane McLaughlin’s story on this page. Source: BAI

19.19 The combined marketshare of the three biggest mortgage lenders in Middlesex County. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module

2 The Federal Reserve raised concerns about climate change’s impact on financial stability in two new reports. See the column by Thomas Curry, Kate Henry and Armand Santaniello on page 5. Source: Federal Reserve

3 Leader Bank employs the third-most prolific loan originator in Middlesex County. See By the Numbers on page 6. Source: The Warren Group’s Loan Originator Module

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Small Lenders

Compete via Videoconference

Live Virtual Chats Recreate In-Person Service BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF

W

hen Stoneham B an k started exploring how to adopt a video banking tool before the pandemic, the bank wanted to find an alternative way to meet with customers outside of branch visits. Then the pandemic hit, keeping customers away from branches anyway. “The transition of the customer and

how they conduct their banking services has drastically changed since March,” said StonehamBank President and CEO Edward Doherty. “But the one thing that people didn’t have was, sometimes they didn’t have the ability to go in and sit and talk to a banker.” Even before the pandemic saw customers increase their use of online banking tools, community banks and credit unions had started to invest in new technology to compete with larger banks and meet the needs of consumers accustomed to the ease of using online and mobile tools. For financial institutions accustomed to providing personalized service, technol-

ogy like video banking can bring a human touch to digital experiences, while helping them compete. “[Community banks] have got to be able to win on the value [proposition] of great service and great people, and they’ve got to be able to deliver great service and great people economically,” said Jed Taylor, president and chief operating officer of financial technology firm POPi/o, which created the video banking service StonehamBank now uses. “I think video banking is an absolute perfect tool to help community banks win and thrive in this environment of increasing competition.” Continued on Page 9

COMMERCIAL INTERESTS

B R U TA L I S M I N B O S T O N

Analyst Dresses Up Plan to Shield Megabanks as Progressive Policy

DCAMM Wants ‘Radical Reimagination’ of Hurley Building

By Scott Van Voorhis | Banker & Tradesman Columnist

By Steve Adams | Banker & Tradesman Staff

Deutsche Bank’s Work-from- State Balances Preservation Home Tax is Trojan Horse and Dollars in West End

Commercial Real Estate PAGE 3

Commercial Real Estate PAGE 7


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