As you consider what institution you’ll trust to hold your business’s precious 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 (or can they) know your business?
What Are the Benefits of Traditional Relationship Banking?
Keep in mind that while banks have a lot of data about your business in the form of individual transactions, accounting and better yet, cash flow management analytics are what really tell the story of where your business is and where it is going. Until recently, access to the data in an actionable format was challenging, but with the advent of integrated cash flow management tools, you can have your cake and eat it, too.
Forward-thinking banks are adopting business platforms that equip your business with largely automated accounting and up-to-date cash flow projections. These tools make it easier for you to analyze obstacles in your way but also the impact of financing a great opportunity. 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 done automatically and in real-time.
Moreover, when you need assistance with financing from a best-in-class bank, your relationship banker can have a discussion with you based on your cash flow and help you decide on the best course of action based on great data, but also on their experience working in your local market and understanding its economic drivers and opportunities.
How Can You Tell if a Bank is Ready to Provide this Quality of Service?
One indicator might be membership in the FINSYNC Network. Your business dashboard syncs with FINSYNC’s banker-facing Lender Portal when you opt-in to share your data as you seek financing. Your banker can quickly analyze your cash flow and how you qualify for various options.
Banks are increasingly recognizing the importance of access to and 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 were able to accomplish 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 cooperative with community banks who seek to share what they are seeing in your market with a view to providing innovative tools to help your business be more efficient and successful. Banks across the country are joining to take the relationships they have formed with businesses like yours to the next level.
Have you found a best-in-class relationship banker? Maybe you should.