What can sustainable broadband do for banks in rural communities?

Even as the world is reaching new heights of interconnectivity, there is still the issue of the more than 24 million Americans who lack access to a sustainable broadband network, according to the Pew Research Center. Today, 31% of Americans who live in rural communities do not have broadband access, compared to just 4% of people who live in urban communities who lack this access. This discrepancy is known as the “digital divide.”

What it means for your wallet.

One such industry that feels the impact of the digital divide is the banking industry. It might seem mundane, but oftentimes the online banking services that are taken for granted in urban communities are unavailable or unreliable in rural areas. Rural banks can mitigate this issue by investing in fiber broadband. Not only can they boost their own visibility amongst potential customers, but they can also increase their bottom line by ensuring customers in rural areas are able to take advantage of internet-based banking services, like online banking, loan applications, cash management, investing, and other financial management activities.

Unsurprisingly, customers that bank in these rural communities include farmers and small agriculture businesses – vital services for both local and larger economies due to crops and other services. In order to help their rural customers compete in a global market, banks that invest in fiber broadband are able to provide a much-needed benefit to the rural community.

Broadband’s economic impact. 

The positive economic impact of rural broadband can be seen in communities around America, but there is still room for growth. In a study done by the Hudson Institute in 2015, rural broadband companies contributed around $24.1 billion to their state economies. However, only $8.2 million, or 34%, of that $24.1 billion goes to the rural communities, with the remaining $15.9 million or 66% going to urban communities. If more fiber-optic broadband is installed in rural banks, businesses, and homes, the percentage of that total revenue will increase, which will, in turn, bring a greater deal of economic impact to those communities.

The investment of a broadband connection can be expensive, but being able to provide connectivity for your business – and more importantly, your customers – is invaluable.

Intelligent Fiber Network is committed to connecting all types of communities across Indiana to sustainable, high-speed broadband connections to businesses succeed in their markets. With our highly customizable offerings, IFN is ready to help you discover the best fiber solution for your organization or community. Give us a call today at (317) 280-4636 or visit https://www.intelligentfiber.com/ to get started today.