Banking has transformed dramatically over the last half of a century. Gone are the days when you must abide by the not-so-convenient “banker’s hours,” racing to the local branch office before closing time to deposit a check. Today, one can accomplish banking 24/7 on their laptop or smartphone. In fact, nearly half of all banked households now use their mobile devices as their primary way to access their accounts.

But with this convenience comes a new challenge: how do you choose the right bank in today’s vast buffet of options? Most banks fall into three buckets – online banks, national “megabanks,” and local financial institutions – often referred to as community banks – which are all vying for your attention. The Federal Reserve defines large financial institutions as those with $100 billion or more in assets, regional banks with $10 billion – $100 billion in assets, and community banks as those with less than $10 billion in assets. The possibilities are endless and may have your head spinning as you seek the perfect fit for you.

It is important to vet each bank based on its own merit as there can be significant variances in capabilities including technology, product offerings, and loan limits which are based on capital positions. Cogent Bank is a state-chartered, full-service Florida based commercial bank  with $1.9 billion in assets and $170 million in capital. Cogent is proud of its entrepreneurial philosophy and ability to serve its customers of many sizes and needs.

To help with your decision-making process, let’s compare these three types of banks across five key areas: digital convenience, competitive rates, personalized service, security and trust, and community focus. This will help you decide which category best fits your needs.

Digital Convenience

Digital convenience is about making banking effortless and enjoyable. It’s about providing intuitive mobile apps, helpful online tools, and a seamless experience – when and where you want – that put you in control of your finances.

• National banks have all the bells and whistles – tons of features, fancy apps, and connectivity. But sometimes, it can feel overwhelming and leave you feeling more like a number than a valued customer.

• Online banks typically strive to keep things simple. Their apps and websites are clean and easy to use and often have cool new features. But sometimes, you might miss having a real person to talk to when you need help.

• Local banks believe in finding the right balance between technology, service, and product offerings. At Cogent Bank, we have all the essential tools you need – online and mobile banking, bill pay, mobile check deposit – and we’re always adding new features to make your life easier. We even offer Zelle so you can instantly send and receive money from friends and family. We keep things simple and user-friendly so you can find what you need quickly. And if you ever have a question or need help, we’re just a phone call or a visit away.

Here’s the bottom line:

Local banks offer a good balance of features, technology, personalized support, and focus on the community.

Competitive Rates and Low Fees

We get it – you want your money to work hard for you and don’t want to see it eaten up by fees. Here’s how things look at different banks:

• National banks often have lower rates on savings accounts and higher rates on loans. They also tend to have more fees, like monthly maintenance fees or overdraft charges. While they might waive a portion of fees based on your relationship with them, it can feel like they are nickel-and-diming you.

• Online banks don’t have the overhead expense of brick-and-mortar banks; thus, they typically offer competitive rates on savings and on loans, with minimal fees. That’s great if you never need any assistance. Keep in mind that it can be hard to get personalized help when needed.

• Local banks strive to give you the best of both worlds. Cogent Bank offers the latest in technology, and competitive rates and fees. But here’s the difference: Cogent bankers are experienced and always willing to collaborate directly with you. Everyone’s financial needs are different, and Cogent bankers are happy to talk about ways to help you save money and reach your goals.

Here’s the thing:

At Cogent Bank, we believe that banking should be about more than just numbers. It should be about building relationships and helping people in our community thrive. We’re confident we can offer you the rates, fees, and personalized service you deserve.

Personalized Service and Advice

Consumers and business owners want a bank that knows them, understands their needs, and is there to help them reach their goals. Here’s how things look at each type of bank:

• National banks have many resources, like online tools, financial advisors, and educational materials which can be helpful. But they also have millions of customers, so it can be hard to stand out. You might feel like you are getting a “one-size-fits-all” experience, even if they have some personalized features. Large banks notoriously have a revolving door of bankers as they move between various positions within the bank, making relationship-building challenging.

• Online Banks are great at making things easy. Their websites and apps are usually simple to use and often have tools to help you budget and save. But let’s be honest, sometimes you just want to talk to a real person, which can be tricky with an online bank.

• Local Banks are community focused and all about relationships. They know customers by name, are responsive and make themselves available to answer your questions and offer personalized advice. Whether you’re saving for a house, planning for retirement, or just trying to get a handle on your budget, Cogent Bank has local bankers to help every step of the way.

Here’s the bottom line:

Cogent Bank believes that building relationships is what banking is all about. It is about knowing you have a trusted banking partner who champions your financial success.

Security and Trust

When it comes to your money, security and trust are everything, right? Here’s how we see it:

• National banks have big security teams and fancy systems designed to keep your money safe. While that is positive, it may be hard to get someone on the phone if you have a problem.

• Online banks are all about technology and focused on keeping your information secure online. However, without local branches, building trust and knowing who you are really dealing with could be challenging.

• Local banks take security seriously, too. Cogent Bank uses the latest technology to protect your accounts and continually works to stay ahead of cybercriminals. But we also believe that real security comes from knowing and trusting the people with whom you are banking. Cogent bankers are your neighbors, invested in the community, and make it a priority to help keep your money safe.

In essence:

Local banks make knowing you a top priority with experienced and knowledgeable bankers who keep security in the forefront of their mind.

Community-Focused

At Cogent Bank, we believe that banking should be about managing your money but also about building a stronger community. Here is how we see it:

• National banks are huge corporations. They might have branches in your town and their commitment to the local community can vary. They typically champion one or two charitable goals each year which may or may not benefit the local community.

• Online banks are convenient, but they’re located online. They don’t have a physical presence in your community, so they can’t really understand its unique needs or contribute to its growth.

• Local bankers are not just bankers. They are your neighbors, living and working in the community, enthusiastic about helping them thrive. Cogent Bank does this by:
  • Supporting Florida-based businesses by offering loans and financial services that help them grow and create jobs.
  • Investing in the Florida communities by sponsoring local events, contributing to charities, and volunteering our time to make our town a better place.
  • Keeping money local. When you bank with us, your money stays in the community, supporting local businesses and initiatives.

Here’s the key difference:

Local banks are invested in the well-being and growth of the communities they serve.

The Cogent Bank Difference

We believe that banking with a community focused bank is about more than just finances – it is about being part of something bigger and making a tangible difference in the place you call home.

Ultimately, choosing the right bank is about finding one that understands your needs and values. While national banks offer a wide range of services and online banks provide unmatched convenience, neither can quite replicate the individualized attention at a local, community-oriented bank. At Cogent Bank, you are not just an account number but a neighbor and a valued community member.

To learn more about all Cogent has to offer, call or visit one of our conveniently located Florida offices in Bradenton, Clearwater, Fort Myers, Jacksonville, Lake Mary, Naples, Ocala, Orange City, Orlando, Sarasota, Tampa, or Winter Park.

Disclaimer: The information contained herein is for informational/educational purposes only.  The views and opinions expressed in this document may be those of the individuals and may not necessarily reflect those of Cogent Bancorp and its subsidiaries and affiliates, or the entities they may represent. Content contained herein may be used in connection with the advertising and/or marketing of products offered by Cogent Bank or Cogent Private Wealth. The material is not intended to provide or substitute for legal, tax, or financial advice or to indicate the availability or suitability of any Cogent Bank product or service. You should consult with a legal, financial, tax, or other appropriate professional(s) for your specific needs and/or objectives before making any decisions.