Chelsea Groton Bank recently revamped its suite of business banking products in an effort to better serve its growing commercial banking base, offering new fraud protection tools and business entitlements with its online banking platform.
“In the past eight years or so, businesses are looking for ways to streamline their internal processes. In this time, we’ve made a lot of strides in cash management, and we’ve built out a completely refreshed business online banking system with business entitlements,” said Alex Masse, vice president and manager of business banking.
That means the bank’s business customers can now use a single sign-on for multiple applications within the online banking platform, and they can customize controls for different people in their organizations who might have different roles, said Bill Lidestri, senior vice president and director of operations and technology.
The revamped suite of business banking products also includes remote deposit capture, ACH origination, ACH block-and-filter, and the fraud prevention system Positive Pay.
Chelsea Groton Bank has focused on ramping up its commercial lending capabilities as it’s expanded beyond its original footprint in New London County. Late last year, it opened up a lending center in Glastonbury. In the first quarter this year, the bank made approximately $125 million in commercial real estate loans and $46.6 million in commercial and industrial loans, representing year-over-year increases of 7.9 percent and 9.5 percent, respectively, according to information available on the FDIC’s website.
“I think everything moves in tandem,” Lidestri said. “As we’ve been expanding our commercial lending, and moving into Hartford County, now we’re doing business with people who are a little further from our traditional banking locations. You don’t necessarily have to have a local branch office.”
He added, “The technology is great but that doesn’t eliminate the need for assistance and servicing and support, and I think our staff does just an outstanding job in that respect.”
