Banks today offer convenience services designed to take “banking” off
business owners’ plates.
“Banking should never be a burden on
the business owner,” says Kathy Fausnight,
district sales manager for Sky Bank in
Stark, Wayne and Tuscarawas counties.
“Going to the bank should never be a chore
— it should be a pleasure.”
Besides availability, standout customer
service and a variety of products to meet a
business client’s evolving needs, your bank
can provide ancillary services and provide
a one-stop-shop experience. From insurance to real estate, “the list goes on,”
Fausnight says.
“Bankers should be available on clients’
terms,” Fausnight says, noting that office
and cell phone numbers as well as e-mail
addresses should all be listed on bankers’
business cards. The goal is to show that we
will keep in touch with the client on a regular basis. However, the client should not
hesitate to call their banker; we are available when needed.
Smart Business asked Fausnight for
insight on what it means to be a convenient
bank today.
How has a demand for convenience changed
the way banks structure their services?
It’s important for clients to feel like they
have a relationship with their banker. They
have to see that value and it has to be evident in the services a bank offers. Your
banker should offer to accommodate you
by visiting your office. Many banks will call
on clients and cater to them in their environment, which saves business clients time
and allows them to focus on their roles
rather than ‘taking a break’ to go to the
bank. This is just one way a banker can fulfill a convenience proposition. Your banker
should be someone you can reach at any
point in time to get answers immediately.
Does that mean traditional bankers’ hours
don’t apply these days?
While financial centers may maintain traditional hours, bankers should be available
whenever clients need them. If your hours are 7 a.m. to 7 p.m. and you have a question, you should be able to reach your
banker via e-mail or cell phone — whatever means of communication is most convenient for you. If you need a banker to
stop in to your office, he or she should be
willing to do this.
What about convenience in financial centers?
When you visit a financial center you
should be greeted immediately and waited
on quickly. Time is so extremely valuable
to everyone. The precious time you spend
away from your office to visit the bank
should be respected with efficient service.
It’s important that you feel a warm welcome and that your bankers truly understand your needs and your business. A personal touch is so important. The only difference between banks is the people who
work there and the delivery of client service expectations. That is why each bank
must strive to provide exquisite client service — the ‘wow factor.’
What questions should a business owner ask
before entering a relationship with a bank?
You should interview your choice of banks and or bankers and owners should
ask for commitments. Ask these questions:
What product and services can I expect
from you? How can I reach you? What is
the response time? What are you willing to
do for me above and beyond what other
bankers will do?
Also, you want a local decision-making
bank. Convenience is lost if you have to go
through 10 layers of bank personnel for a
loan approval or to resolve other issues.
Finally, gauge from your conversation
whether the banker takes interest in your
line of work. Does the banker ask simple
questions like ‘How’s business?’ and when
you answer, does he or she truly listen?
Ask the banker if he or she is familiar with
your industry. You should partner with
someone you trust as an adviser.
What above-and-beyond services do banks
offer today that provide convenience to business owners?
A bank should be a one-stop shop for all
your needs: checking/savings products,
loans and lines of credit, cash management, investments, 401(k) and retirement
plans, employee benefits, insurance, credit
cards and mortgage services. For example,
insurance is an ancillary product that
banks offer, and many business owners
don’t realize this. Financial institutions
should be able to offer health care benefits
plans for the business owner and their
employees. They should help the business
owner develop or review their procedures,
and policy manuals can be reviewed and
even developed for a business. Bankers
should offer insurance for equipment, vehicles, real estate and most other types of
collateral for a loan or a lease. Also, banks
should offer an insurance division within
the bank that works with several independent carriers and will arrange for an
expert in the field to discuss the clients’
needs so they can appropriately choose
products.
KATHY FAUSNIGHT is district sales manager for Sky Bank in
Stark, Wayne and Tuscarawas counties. Reach her at (330) 628-8668 or [email protected]. For more information,
visit www.skyfi.com.