The cover of Tompkins Financial’s annual report bears the slogan, “Locally focused; A world of possibilities.” And that was part of the $6.2 billion-assets company’s thinking when it adopted an web-based commercial loan application system earlier this year that it calls “Lightning Loans.”
The company, with four subsidiary banks in New York and Pennsylvania, continues to do a traditional community banking business. Yet, just as every local retailer is potentially competing with Amazon and Walmart.com, Tompkins and other commercial lenders face competition from the likes of Kabbage and other business-oriented online lenders that promise fast online service with minimal hassle.