You set high standards for your
employees and lofty goals for your
business. You expect results and are rewarded with successes when your company fulfills stringent demands, which are
necessary in a competitive business world.
But, do you choose your bank with the
same high-performance ideals in mind?
“Business owners’ banking needs are not
one-size-fits-all,” says Greg Campbell, district sales manager for Huntington Bank.
“It’s about finding what products or services will make their lives easier.”
This means saving time and providing
convenience. Though most banks claim to
do both, not every financial institution garnishes the package with personal service.
More than anything, business owners need
a bank they can depend on for sound
advice — an institution capable of customizing a program that suits individual
businesses’ needs. In short, banking relationships should run deeper than the
transaction.
Smart Business spoke with Campbell
about what characteristics client-centered
banks provide and why you shouldn’t enter
a banking relationship with an institution
that doesn’t recognize your face.
What are some immediate signs that a bank
caters to its business clients?
First, tellers in the bank where you regularly do business should know your name.
When you walk in, does the staff provide a
warm greeting and welcome you to the
banking office or do they drop their heads
or continue a phone conversation?
Next, how accessible is the bank? If you
have a problem, do you have to dial an 800
number and get transferred several times
before talking to a live person? The front
line with any small-business banking client
should be the personal banker or a branch
manager. When you open an account, your
point of contact should explain how you
can reach him or her with questions and
promise personal attention. That initial
meeting is the foundation to your banking
relationship, and your first impression
should be one of assurance that your needs
will be met.
Finally, does the bank call you if a special
offer arises that may meet your unique
banking needs or if there is a problem, or
does it inform you days later via U.S. mail?
Banks that make personal phone calls to
alert clients of even simple issues, such as
overdrafts, show more concern for their
financial health.
What if a business owner doesn’t want to
spend time away from the business to complete a transaction?
You should check to see if online business banking is an option. Though consumer online banking is fairly standard, not
all financial institutions — especially smaller ones — offer the service for small business accounts.
There are several online tools available
so business owners can do their banking
from the comfort of their offices. Online
bill payment is one. You can set up recurring accounts payable or bill payments or
choose to make a single payment to an
individual vendor. Also convenient is the
ability to transfer funds online. Many times,
customers wait in line for these simple
transactions when they could manage them easily without leaving their desks.
One of the greatest benefits to online
banking is the ability to more carefully
manage accounts on a day-to-day basis.
Not sure whether a check was cashed?
Log on to your online account and find
out. Need to see a copy of a check? Many
banks actually file images of checks online
so you can search by number and locate it
electronically.
Is online banking secure?
Contrary to popular belief, online banking
is extremely safe. Banks generally put in
place various firewalls and password protection devices. If you think about it, online
banking is as safe if not safer than the
postal service. When you drop a letter in the
mail, who knows where it goes? As far as
troubleshooting online accounts, nine out
of 10 problems can be solved at the branch
level. Employees at the financial center
where you bank should be your liaison.
Is it better to bank at a national financial
institution?
Regardless of whether you choose a large,
national bank, you’ll be better off if your
financial institution makes decisions locally.
Will your lending needs for an Akron/
Canton-based business be addressed in
New York? Every region has a different
economy. Local decision-making is critical
so business owners can ensure they are on
a level playing field with the bank.
Because there are so many ‘moving parts’
in the financial industry today, developing a
lasting relationship with a financial institution can be difficult. People move into different positions within the same organization or they jump from one financial institution to the next. Business owners need a
stable environment with a client-centered
culture to thrive. You want a relationship
with a banker that will take you under his
or her wing, educate you and provide you
with options to help grow your business.
GREG CAMPBELL is the district sales manager for Huntington Bank. Reach him at [email protected].