Midwest BankCentre: Growing Deposits with a Digital-Only Branch

Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
15 April 2020
Bob Meara and Zilvinas Bareisis

Winner of 2020 Celent Model Bank Award for Community Banking Transformation


Midwest BankCentre historically grew through traditional means; branch building and strategic acquisitions. In 2018, it set out on one of the largest technological undertakings in its recent history – the launch of a state-of-the-art digital branch, Rising Bank – to grow its deposit base and support its continued growth.

Midwest BankCentre, a 113-year-old, family-owned community bank in St. Louis, does not exhibit the pedigree typically associated with innovative transformation. Nor does it have a large IT organization at the ready with capabilities to build something new. The compelling story, in Celent’s view, is how a community financial institution achieved significant results on short timing with few resources through skillful leadership, prudent risk management, and careful vendor selection. Moreover, Midwest BankCentre knew what it should hold onto and what it needed to do very differently. This combination is at the heart of its success.

See all 2020 Celent Model Bank winners here.

Subscription required

Access to this content requires a Celent research subscription.

Subscribers should sign in to access this research.

If you are not a subscriber, register now or contact us to find out more about our subscription options.

Insight details

Retail Banking
Subscription(s) required to access this Insight:
Banking, >>Retail & Business Banking
Insight Format
Geographic Focus
Asia-Pacific, EMEA, LATAM, North America