As you consider which financial institutions you trust to hold your business cash, there are many considerations beyond whether or not your deposit account is federally insured.
Banks have long sought to staff their business-facing teams with local area experts who can provide a consultative approach to financial success, a strategy known as “Relationship Banking.”
Relationship bankers know what the bank offers in terms of tools, financing, and other solutions inside and out, but how well do they know your business?
Benefits of Traditional Relationship Banking
Keep in mind that banks have a lot of data about your business in the form of individual transactions, accounting, and cash flow management analytics. But what are these conveying about your business and where it is going.
Until recently, access to the data in an actionable format was challenging, but with the advent of integrated systems and tools, you can now make your accounts more transparent.
Forward-thinking banks can now sync to business platforms that provide automated accounting and up-to-date cash flow projections. These tools make it easier to analyze your finances while monitoring your organization’s cash coming in and out.
While in the past, you would have had to have consolidated accounts receivable, accounts payable, payroll, and other data into a spreadsheet paired with your cash balances, now these projections are made automatically and in real-time.
Moreover, when you need assistance with financing from a best-in-class bank, your relationship banker can discuss it. Together, you can decide on the best course of action based on data and local market experience. After all, banks understand economic drivers and opportunities that small businesses might not know.
How Can You Tell if your Bank is Ready?
Start with FINSYNC, where we sync with a network of over 7,000 financial institutions. Also, your business dashboard syncs with FINSYNC’s banker-facing Lender Portal as you seek financing. Your banker can quickly analyze your cash flow and how you qualify for various options.
Banks increasingly recognize the importance of access and are a voice in the development of next-generation tools to support their business clients:
Responding to our client’s needs as quickly and effectively as possible is a priority for Lamar National Bank. We accomplished this by becoming a Charter Member of the FINSYNC Network and leveraging technology solutions that help our clients operate more efficiently and at a lower cost. Empowering our clients to spend time on the things that matter most to them creates healthy and profitable businesses. In return, this is greatly beneficial for Lamar National Bank’s growth and mission.
– Greg Wilson, CEO of Lamar National Bank
Indeed FINSYNC has formed a partnership with a network of banks to help your business be more efficient and successful. See if your bank is part of our growing network.