Bankers are no longer those faceless
people potential business owners go
to see when they need capital to start their business. And the bank is no longer
the place potential business owners went
to in the past wearing a suit and with a
business plan in hand, ready to beg for
money.
In today’s business world, a bank needs
to be more than just a place people go to
when they need money. It needs to offer
business owners its regular services as
well as be a partner with those business
owners as they help to make their businesses a success.
Webster defines a partner as “one that
shares; an associate or colleague.”
“Look at your banker as a business partner,” says Chris Cantrell, business banking
assistant vice president with ViewPoint
Bank. “It’s like having a CFO or an information tech on your staff.”
Smart Business talked to Cantrell about
how a banker’s role has changed in today’s
business world.
What’s the most important function a banker
can perform for a client?
Try to be a partner to the business owners that are your clients. Not just looking at
what you can provide as a financial service
adviser as far as their checking, savings
and treasury management needs, but also
how you can help grow their business. I try
and help them increase sales, be more productive and find additional growth opportunities through contacts I have with some
of my other clients.
What are some of the things you might do?
I went to a client’s business and went
through all the typical banking portfolio,
talked to him about his needs and then just talked about his company’s growth plan.
He was at a critical stage where he was
ready to take his business to the next level
and he needed more of a temporary CFO,
not a full-time one. He needed someone to
work once a week to help his company to
grow from a $3 million a year business to a
$30 million a year business. So through
some of my contacts I set him up with
some people that could help him do that.
I’ve had other clients that opened retail
establishments and while in the process of
getting a loan or building a building, I was
able to set them up with vendors they
needed to work with to provide anything
from advertising to phone service and
everything in between.
Does the new banker work only with established businesses or with start-ups as well?
I work with both. That’s the neat thing
about it, I can help anybody at any level.
Most people don’t recognize their
banker until the banker makes a mistake. I use the analogy of an NBA official: You don’t know he is there until he
does something wrong. I want to be a
vital part of my clients’ businesses and
be the first person they call when they
need something because they either
know I can do it or know of someone
that can help.
Why are bigger banks trying to emulate the
personal touch of smaller banks?
Banks, big and small, offer similar
products — loans, lines of credit, and
checking and savings accounts. It’s hard
to differentiate banks just on products
alone. It’s kind of like when your car
breaks down — any garage can service
your car. But you’ll keep going back to
the one that you trust and will take the
time to get it right at a fair price.
Business banking customers want that
too. They want their banker to take the
time to understand their needs and make
sure they’re getting the right products
and services for their particular situations.
Bigger banks are beginning to realize
they need people who can specialize
one-on-one with the customer, and some
are doing just that. As a business owner
you need to find out who that person is
and make sure he or she is the right fit as
a business partner for you and your business. If they aren’t, then you need to find
someone else.
CHRIS CANTRELL is assistant vice president, business banking, with ViewPoint Bank. Reach him at [email protected] or (972) 509-2020 ext 7386.