As Brentwood Bank’s “feet on the
street,” Cara Stefano has witnessed an
alarming trend.
“Big banks have ruined it for many of
small and midlevel businesses — they’ve
become so focused on their larger business
banking clients that they’ve managed to
successfully lower the expectations of
everyone else,” Stefano says. “Businesses
accept getting little or no service or follow-through, settling for a process that is sales-driven and bank-focused rather than solutions-driven and customer-focused.”
Smart Business asked Stefano to describe
an alternative business banking model that
may be better suited for many small and mid-size business operators or owners, as well as
the challenges banks face in addressing the
needs of today’s business customers.
What are the ‘symptoms’ that alert you to
whether a business is being underserved in
its current business banking relationship?
These days, it’s simply not enough to offer
‘big-bank, full-service’ capabilities — a bank
that’s truly focused on the needs of the customer has to be there, in person, listening for
ways to apply the bank’s expertise and capabilities to your situation. If your banker isn’t
there to talk to you about your business, he
or she can’t be listening for ways to apply
what the bank can do. The ultimate test of
what a customer-focused bank can do is to
implement a truly customized solution. That
simply can’t happen unless the banker fully
understands what you, as the business operator, are trying to do.
What should the business operator be looking for in a banker?
I’m not big on sports analogies myself, but
here’s the idea: In basketball, there’s something known as a ‘triple threat,’ which refers
to a player being able to score, rebound and
play defense. This kind of ‘triple threat’ player brings so much more to his or her game
that it makes everybody else on the team that
much better. Banking’s equivalent of the
‘triple threat’ refers to one person who can
navigate through all the organizational layers
to get things done. This team member can
offer solutions in commercial financing, business deposit services or any of the other even
more specialized areas, such as realty services and investment management and advisory
services, to name a few.
Does this individual work one on one with the
business operator?
Yes, absolutely. All business operators or
owners benefit from having their own personal go-to banker. ‘Triple threats’ are the
ultimate go-to bankers because they have
the hands-on skills and experience in so
many different facets of their game. For
instance, any bank can provide online cash
management service. But a ‘triple threat’ has
the hands-on know-how to help you customize the bank’s EFT (Electronic Funds
Transfer) application, allowing you to essentially process your own direct deposits for
employee payroll. You get more out of your
cash management service, eliminate the
considerable expense of using a separate
payroll service to provide your payroll direct
deposit, and the ‘triple threat’ knows from
experience to recommend it only if you have
someone in-house who is capable of handling the payroll deductions. As a business
operator, the benefit of working with a banking ‘triple threat’ is that you get so much
more out of your relationship: Your time is
better spent because it’s one on one, you get
someone with a wide variety of hands-on
skills who is highly proficient in a number of
different areas, and you get someone you
can depend on to come through for you in
the clutch and make things happen.
What other special tools does the ‘triple
threat’ banker have to work with?
It’s primarily a matter of having the right
process. That process starts with a culture
that’s focused around the customer. It
encourages problem solving, and it’s there to
make a difference. Yes, the ‘triple threat’
brings the full spectrum of business and personal banking products and services to the
table. But more than that, because ‘triple
threats’ can wear all the different hats, they
know the best ways to mix and match and
innovate to find just the right product and
service combinations. They know what can
be customized, and they can drive much of
the effort themselves, rather than passing
you off to somebody else.
When you put the banking equivalent of a
‘triple threat’ into the right kind of environment, business operators simply get more
bang for their buck. That’s really the ‘triple
threat’ benefit.
What kind of business will benefit most?
It’s ideal for the small or midsize business
that’s growing and ready to make a move.
The challenge facing these businesses is to
find the ‘triple threat’ banking partner that
can provide the missing pieces and fits their
situation. To gauge if there’s a fit, any ‘triple
threat’ should be able to demonstrate three
distinct capabilities based on personal experience: first, the ability to custom-tailor
unique solutions; second, the ability to find
better ways to integrate existing products,
services and new innovations around the
needs of the business customer; and third,
the ability to help you anticipate the eventual
ramifications of growth and success.
CARA STEFANO is a business development officer for Brentwood Bank in Bethel Park, Pa. Reach her at [email protected] or (412) 409-9100 x281.