According to a recent AARP Public Policy Institute report, 57 million workers do not have access to a retirement savings plan through an employer. More than a fifth of adults over 50 have no retirement savings at all.

Regional banks have an opportunity to add value to its small business customers as well as its retail customers as small business employees are the primary ones that are working at places with no retirement plan… a major gap in the present 401K model for private sector workers.

While some states have set up state retirement savings (about 25%) plans for small businesses, employees are often unaware of the programs or the need.

Regional banks can help fill in the information gap by explaining to consumers the tax advantages of IRAs and SEP accounts through the banks, as well as offering 401K opportunities with small businesses.

The benefits go beyond what might show up as profit, as it helps to keep loyal customers in an era where technology might provide bigger entities an advantage on increasing market share.