Four Questions to Consider When Choosing a Business Bank
July 03, 2023
Whether your business is large or small, works in manufacturing or professional services or tourism, is expanding or scaling back, you should be able to rely on your bank for secure financial transactions — and so much more.
Especially in an era where Northern Nevada business banks continue to change and consolidate, you may wonder if your bank is doing all it can for you. Because the best business happens when customers have an actual relationship with their bank, it’s wise to assess a bank’s services and how well they suit your company’s unique needs.
These questions can help you assess a current prospective banking partner.
1. Does my bank tailor lending and treasury management solutions to my business?
Businesses may be most motivated to search for a new bank when seeking a loan. But it makes sense to think about both sides of the ledger. Your best bank option should proactively work to help improve your cash flow cycle by offering smart treasury management tools and solutions, from a customized assessment of your needs through innovative banking technology.
2. Is my banker knowledgeable about my business?
At a few banks, your banker will have expertise in your particular industry or business segment, ideally from a combination of roles in that industry and serving companies like yours. Beyond industry knowledge, your banker should express curiosity and understanding of your company. A good banker will hone in on the factors that impact your business operations, including what affects your revenue and what creates opportunities for you. Your banker should ask plenty of questions and then come back to you with creative ideas to maximize banking solutions to help your company be better prepared for the challenges you face.
3. Does my bank make me feel valued?
The term “relationship bank” gets thrown around a lot in banking ads these days. But a genuine relationship is about give and take. Does your bank connect you with a single point of contact — one person or team who checks in with you and responds promptly, with excellent service, when you reach out to them? That availability shows that you are genuinely a bank’s valued customer. Also, ask your bank about the availability of senior management when you need or desire that access. That personal touch is priceless compared to faceless automated operators.
4. How much can I rely on my bank?
According to recent banking research from Phoenix Synergistics on customer loyalty trends, trust is the top reason nearly half of people gave for their loyalty to their primary financial institution. Have your bankers earned your trust by demonstrating their responsiveness to you and your needs and concerns? Is your bank a strong, stable institution with a positive reputation and the ability to weather storms? “Yes” answers mean your bank is on the right track.