Transforming Customer Engagement: The Role of HSAs in Community Bank Growth

Community banks face growing competition from digital-first disruptors and neobanks, pushing them to update their offerings. Health Savings Accounts (HSAs) present a key opportunity for growth, offering tax-advantaged savings for medical expenses. Popular among younger generations, HSAs help banks build stronger relationships, attract new customers, and drive deposit growth.

To succeed, banks need advanced technology to streamline account management, improve customer insights, and ensure security. By embracing a digital-first approach, community banks can grow revenue, retain customers, and attract younger, more engaged users. Philip Paul, CEO of Cotribute, highlights that modernizing processes and enhancing the customer experience is essential for community banks to succeed in today’s digital world, with HSAs offering a key opportunity for growth.

To learn more about how Health Savings Accounts (HSAs) can help community banks grow and stay competitive, you can read the full article here.