In today’s digital age, businesses are always looking for ways to streamline their operations and improve efficiency. One way to do this is by adopting a digital-first approach to banking, complete with services like online and mobile banking and treasury management products. These services allow owners to manage their finances and businesses anytime, anywhere.
“Additionally, a digital-first bank can provide business owners with a variety of other services that can help them save time and money,” says Mitch Duale, Commercial Loan Officer at First Federal Lakewood. “Your business banker can help you with fraud prevention, Insured Cash Sweep (ICS), Deposit Account Registry Service (CDARS) and more.”
Smart Business spoke with Duale about how businesses can benefit from a digital-first banking approach.
How can a digital-first bank provide solutions to common business challenges?
There’s a reason the age-old saying “time is money” comes up in many business-related conversations — it’s because it’s true. One of the key benefits of a digital-first banking experience is that it can give owners back valuable time in their days. While on the go, business owners can use online and mobile banking to deposit checks, transfer funds among accounts, pay bills, access their accounts, manage their account users and make transactions — no matter where they are.
Security is always top of mind for business owners. Digital banking solutions improve security with fraud protection and multifactor authentication, helping them protect their accounts from security breaches and theft.
How can a business address efficiency?
Efficiency is a common challenge for many businesses, which in turn can influence time and resources in the long run. That’s where Treasury Management Services come in. Owners who are still going to their local bank to deposit checks may benefit from a service like remote deposit, which scans your checks and loads them directly onto your computer. ACH, or Automated Clearing House, is another useful Treasury Management Service that business owners can benefit from to help streamline the deposit and collection process — with extra security against fraud.
Additionally, personnel changes are inevitable, and some companies may find that hiring can be tricky. When working with a business banker, they often can suggest software and tools to make that process easier. While this can add a bit of work upfront, these processes will simplify the future.
How can a business owner prepare for a digital banking upgrade?
Change can be difficult, especially when the transition to a digital-first banking environment seems daunting. The first step is finding a business banking partner, someone who is invested in your success and takes the time to understand your concerns. When you begin working with this person, they’ll be able to identify opportunities where your business could save time, money, or be more efficient with your banking.
Once that relationship has been established, they’ll begin preparing you for the transition. Depending on your business needs, they may suggest starting with an in-office scanner to embrace remote deposit so you can scan multiple checks at once while sitting at your desk. Following remote deposit, ACH may be the next service they recommend for you to incorporate into your day-to-day. This process happens over time, so you can ease into each service with the support you need.
Your business banker may suggest connecting with the key people on your team, such as your CPA or attorney, to make sure everyone is on the same page and everyone is working toward the same goal — to help your business thrive.
Your business banker is there to identify your business’s pain points and then present you with options to make running your company more efficient in the long run.
