Middlefield Banc Corp. Expands Digital Capabilities
Middlefield Banc Corp. (NASDAQ: MBCN) announced the expansion of its digital banking capabilities to enhance customer engagement. Over the past two years, online banking clients surged, with a notable 76% increase in business banking digital users and a 15% rise in eStatement enrollments. New offerings include a digital account opening process and access to a variety of insurance products. The bank is committed to safe, efficient services and plans further investments in digital tools to capture high-growth markets.
- 76% increase in business banking clients using digital services.
- 15% rise in eStatement enrollments.
- New digital account opening process enhances customer onboarding.
- Partnership with Insuritas to offer diverse insurance products.
- None.
New products leverage growing customer engagement for digital banking services
MIDDLEFIELD, Ohio, Dec. 17, 2021 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) announced the expansion of its digital banking capabilities to support growing customer engagement across digital channels.
“Over the past two years, Middlefield Bank has experienced significant growth for our digital banking services. We continue to focus on creating a frictionless environment for our customers regardless of how they choose to interact with us,” stated Thomas Caldwell, Middlefield President and CEO. “As customer expectations evolve, our team continues to transform our digital capabilities and grow partnerships to serve our retail and business customers. Our commitment to service, quality and our communities are always at the forefront, and we are excited to bring expanded resources to our customers.”
Middlefield’s Online & Mobile Banking systems provide 24/7 account access and financial tools to help customers engage from home, work or anywhere life takes them. Reflecting the Company’s growing omnichannel banking experience there has been a steady increase in customer adoption rates. Over the past two years the average number of online banking customers has risen at an increased pace. The biggest lift came from the number of business banking clients utilizing digital banking, which increased by
“Enhancing our products and services is a core pillar of our long-term growth plan while ensuring we are providing a safe and secure experience,” noted Mr. Caldwell. “Middlefield intends to continue to make prudent investments to enhance our digital capabilities and customer experience as we look to expand in high-growth markets and serve our customers more efficiently.”
Middlefield is implementing new digital tools with the following capabilities:
Digital Account Opening: Middlefield Bank has partnered with Finzly, a leading financial technology company, to digitize the entire account opening process for personal and commercial customers. Using the latest technology for fraud prevention and analytics, customers can open new accounts and begin the onboarding process within minutes at a time and place most convenient for them.
Property and Casualty Insurance: Middlefield has partnered with Insuritas, using their award-winning digital insurance agency platform to offer a full range of personal and commercial insurance products to customers through Middlefield’s branches and call centers. Through this new digital insurance platform, Middlefield customers can choose from insurance offerings from more than 40 carriers to get a broad selection of insurance products that meet their specific needs and budget.
Fraud Prevention: Middlefield has partnered with Alkami to launch a set of enhanced cash management solutions with its commercial customers to help prevent fraud and improve their experience. Through their new platform, Middlefield customers get real-time, customizable alerts on any suspicious ACH transfers or checks, and can approve or decline transactions in real-time before any funds have moved.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company with total assets of
FORWARD LOOKING STATEMENTS
Statements made in this press release which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe", "expect", "anticipate", "plan", "estimate", "should", "will", "intend", "outlook", "target", or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in Middlefield Banc Corp.’s most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.
| Company Contact: | Investor and Media Contact: |
| Thomas G. Caldwell President/Chief Executive Officer Middlefield Banc Corp. (440) 632-1666 Ext. 3200 tcaldwell@middlefieldbank.com | Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com |
