A Model to Follow (OPINION)

Is Northwest Arkansas a microcosm of the entire nation? Even though some global events and trends are similar, I contend that NWA has outperformed and outpaced the rest of the country in many areas and advances.

We all encountered regulatory change that affected the purchase and finance process for a family’s most valued possession, their home, on Jan. 10 through mortgage reform, and we all saw a Republican sweep in November at virtually every level of government.

Outside of these bookend events, I think it is arguable that NWA is much different from the rest of the nation, especially from an economic perspective. Taking a step back to December 2013, we experienced the largest in-state banking transaction in history with the merger of Centennial Bank and Liberty Bank of Arkansas.

Throughout 2014, this transaction facilitated substantial charitable giving throughout the state, benefitting thousands. However, it was only one of the many successes enjoyed in our state and, more specifically, the NWA region. 

We surpassed the 500,000 population milestone. Companies made significant and impactful positive changes, either through announcements at the helm of the company, major acquisitions, expansions (fiscal and physical) or technological investment and advances.

NWA enjoyed strong growth and escalation of new projects for companies and developers, and the banking community played a major role in each of these categories.

The real estate industry has made a robust return. The rebound came through the hard work of many that have not only provided the demand for, but also the supply of needed expansion: from residential developments to meet the needs of an expanding population, to commercial and office space utilizations to match the maturing level of the NWA real estate market.

Every business customer has a unique demand, ranging from operational line of credit to sophisticated cash management. Each of these needs centers around the latest technology and how the bank can meet the basic needs and expand its services to allow the business owner, small or large, to become more efficient and profitable each day. As a bank, we provide the now-staple items of Internet banking, a nationwide ATM network, and remote deposit products.

Additionally, we continue to enhance mobile banking — yes, depositing a check from your phone — cash management, investment opportunities and business relationships.  As one bank that has signed with ApplePay, Centennial Bank is preparing for advances in 2015 that will continue to elevate banking for years to come. The mobile banking explosion is incredible, evidenced by the fact that as many people have used mobile banking in 18 months as those who initiated Internet banking in a 10-year span.

All of us just came through the biggest shopping days of the year with Black Friday — which has actually become Black Thursday through Sunday for many — and “cyber weekend.” As with mobile banking, the electronic shopping experience continues to gain momentum.  In parallel, the retail businesses must consider all ways to reach the consumer most efficiently. Banking is no different.

Forecasting into 2015 indicates that we will see much of the same as we have enjoyed for 2014: positive progress. We see continued progress in the financial stability of Northwest Arkansas. We see continued expansion of banking products that enhance the customer experience and allow businesses to better utilize their resources. We see progress in real estate developments and growth. And, ultimately, technological advances are the center of the progress in each of these arenas.

Because of the economic success of NWA and the numerous companies that call it home, we are fortunate to have the financial resources coupled with the expertise needed to make a difference. Each day we look for ways to become more efficient, both for Centennial Bank and our clients, current and future. Creativity, hard work and consistency will continue to provide core results.

Whether Northwest Arkansas is a microcosm of the nation is debatable. What is not debatable is that our region is an example of innovation, leadership and community that any region would do well to model. 

D. Scott Hancock is the Northwest Arkansas division president of Centennial Bank. He can be reached at 479-684-2265.