Midwest BankCentre: Growing Deposits with a Digital-Only Branch
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.