Whether your business is large or small, expanding or scaling back, launching new services or focusing on the tried and true, you should be able to count on your bank for much more than just transactions. The best business happens when customers have an actual relationship with their bank.
According to new research from Phoenix Synergistics on customer loyalty trends in banking, “trust” is the top reason people gave (42%) for why they are loyal to their primary financial institution. The #2 answer people shared for sticking with their bank is “excellent service.”
Do those traits reflect your bank? If you’re unsure, here are four key issues to consider in determining if your current banking relationship is working for you – or whether it might be time to find a better fit.
1. Is my bank interested in learning about my business?
In addition to having banking expertise in your particular industry or business segment, your bank should demonstrate real interest in your company. A good banker will focus on how your unique business operates – what factors impact your revenue, what challenges you face and how you can make the most of your opportunities. If you’re the only one asking the questions, you probably aren’t getting the most from your banking relationship.
2. Does my bank offer tailored lending and treasury management solutions?
While the need for new or different loan structures often motivates the search for a new bank, it makes sense to think about both sides of the ledger. The best business bank for you should bring innovative banking technology and other smart treasury management tools and solutions to help improve your cash flow cycle. In addition to customized loans, a strong business bank should recommend a made-to-measure strategy to enhance your cash management approach.
3. Does my bank make me feel like a valued customer?
These days, almost every bank says they are a “relationship bank.” And it’s nice to get a holiday card, for sure. But do you actually have a single point of contact, one person or team who always responds promptly to your calls, emails or texts with excellent service? That is how a bank shows that you are a valued customer.
4. How much do I trust my bank?
Finally, if “trust” is the top reason people are loyal to their bank, think about your bank and the trust factor. Do you view your banker as an advisor to your business, in much the same way you see your lawyer or accountant? Are you confident your bank only suggests products or services that benefit you – and not the other way around? Does your bank have a great reputation in the marketplace?
If you answered “yes” to these key questions, then it’s clear you trust your bank – and your bank has earned it. If not, it’s definitely time to explore a better banking relationship. Learn more about the expert business bankers at Western Alliance Bank.