To prosper in an increasingly competitive marketplace, it is imperative to
have a strong and dedicated banking partner that has the resources to help
expand and grow your business. Ideally,
the bank should feature advanced state-ofthe-art business systems and a structure
that encourages involvement from senior
personnel.
The blending of new technologies with
an old-fashioned personalized touch is the
hallmark of quality commercial banks in
these modern times. A bank that doesn’t
pay attention to your company’s individual
needs — no matter how many bells and
whistles it offers — probably isn’t worthy
of receiving your deposits.
Of course, communication is a two-way
street. To fully take advantage of a bank’s
products and services, you will need to
openly communicate your needs.
Forming a productive relationship with
your commercial banker can pay huge dividends, says Joe Yurosek, senior vice president and regional group manager at
Comerica Bank. “Establishing strong relationships with our clients helps us provide
advisory-type services,” says Yurosek.
“Once we’ve moved into a professional
advisory role, we can anticipate our clients’
needs. Coming to our clients with new
ideas provides them with more data to
assess what they can and can’t do in the
marketplace.”
Smart Business spoke with Yurosek
about choosing a commercial bank, the
importance of personal relationships and
how a quality bank can help their client
grow.
How should a company go about finding a
good commercial bank?
The best way is to utilize existing, known
relationships through referrals and references. This includes CPAs, attorneys and
other business owners. Not only should
you ask your contacts who they know, but
you should ask specific questions. For
example, How responsive is the bank to
credit requests? How accessible are senior
managers or decision-makers at the bank?
It is a combination of getting references
from people you trust and asking the right
questions that relate to your company.
What types of products should a quality bank
bring to the table?
These days, pretty much all of the top-tier
corporate banks provide full-service products. Some of the important ones include
full corporate credit capabilities, cash management services, strong international
capabilities and Internet-based cash management systems. Quality banks have
invested heavily in developing state-of-theart software systems. Also, clients are looking for one point of contact, so they can use
the relationship they develop for their private banking needs.
How important are personal relationships
between a company and its bank?
They are very important. You want to
build trust in any professional relationship.
Speaking from the bank’s perspective, the
more we know about the ultimate needs of
our clients, the better we can provide an
advisory role to our clients. This enables us
to separate ourselves from other banks by
becoming more proactive and less reactive.
What role does communication play in developing a positive working relationship?
You need good communication so that
there are never any surprises for either the
bank or for the client. Customers often
want their bank to provide them with
direction in their business investment decisions. The only way that both of us can
know which direction we’re headed is
open and frequent communication. This
applies both when times are good and
when they’re not so good.
How can a bank help a company develop and
expand its presence internationally?
In terms of the global market, banks can
help provide additional contacts overseas.
We have banking contacts and a representative office in China, for example.
Something as simple as providing a customer with contacts that are on the ground
in a foreign country would help them
assess whether they should be outsourcing
production. Banks often have clients that
they can introduce to other clients that
have already produced products in a foreign country.
When it comes to helping customers
expand, we are a wealth of information
because we have significant contacts with
customers and clients who have already
done business overseas. Also, banks that
have invested in people on the ground in
foreign countries can provide customers
with knowledge of the foreign local capabilities.
JOE YUROSEK is senior vice president and regional group
manager at Comerica Bank. Reach him at (562) 590-2561 or
[email protected].