Steve Cacchio, President/CEO Champlain National Bank
How have changes in technology and consumer expectations impacted your industry?
The financial industry continually invests in technologies to meet customer expectations. The industry provides services through multiple channels. These include traditional branches, full function ATMs and multiple digital offerings. Adoption of secure mobile account access with check deposit, bill pay, and person to person payments continues to grow. Loan applications and account openings can be achieved through online capabilities. The industry’s modern digital experiences played an important role to maintain essential services throughout the pandemic.
What are you doing to stay ahead of cyber criminals?
Information security is a top priority within our organization. We utilize a multi-layered approach to cybersecurity. These include applications embedded within our information systems and networks. They are continually evaluated and tested. System upgrades and patches are applied on a timely basis, and controls such as multi-factor authentication at account login are utilized. In addition, training on potential cybersecurity threats is frequently provided.
To what degree is local community reinvestment of your deposits a priority?
Champlain National Bank’s market area consists solely of Clinton and Essex counties. Deposits received from our 10- branch network within these communities are used to fund loans to local small businesses, home loans and auto loans within these two counties.
What do you view as your greatest challenge/opportunity going forward?
Advances in technology provide convenience, but also narrow the gap between competitors. It is a requirement to deliver a capable digital experience. It is also harder to differentiate your value through this experience. One of our greatest opportunities going forward is the ability to customize solutions for local businesses. Our intimate knowledge of the market area and local decision making, allows us to respond quickly and provide an individual approach to a client need.
Champlain Nat ional Bank’s history dates back to 1909 when Lake Champlain National Bank began operations in Westport, NY. The Champlain National Bank that exists today was formed in 1959 as the result of the merger between Essex County National Bank in Willsboro, NY (founded in 1921) and Lake Champlain National Bank. In 1986 the Bank became a wholly owned subsidiary of Champlain Bank Corporation, which is owned by the former shareholders of the Bank. Most of the shareholders have close ties to the Bank’s service area, which makes Champlain National Bank the only independent, community owned financial institution in Essex and Clinton counties. CNB has 10 branches in the two- county area to service its clients.
Champlain National Bank
Headquarters: 3900 NYS Route 22
Willsboro, NY 12996
518 963-4201
www.champlainbank.com