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.

FINSYNC’s cooperative structure allows banks and credit unions to work together to provide powerful digital business tools that enhance current offerings and increase revenue.

This article was originally published on BusinessWire.com. Atlanta, GA, August 4, 2020 - FINSYNC, Inc., a leading provider of payment technologies and cash flow management software for businesses announces a new class of bank and credit union partner, Charter Member, which comes with benefits much like membership in a cooperative. Benefits of Charter Membership include:
  • Royalty-based profit sharing on FINSYNC’s subscription and transaction services.
  • Loan participation and syndication services to help financial institutions approve more loans and take less risk (including a new platform for invoice financing or factoring).
  • Marketing and other customer acquisition and retention services.
  • A voice in R&D projects and early access to new, innovative digital products and services offered at no additional charge (example: FINSYNC’s PPP Loan Forgiveness Solution).
When FINSYNC was founded in 2011, QuickBooks and others were already profiting from data held in banks and credit unions without any benefit to the financial institution. Now, QuickBooks, Square, Wave, Shopify, PayPal and others are further marginalizing relationships built over years of community involvement by offering free, high-yield deposit accounts and other forms of disintermediation of banks. “In most cases we are more than doubling the amount of non-interest income our financial institution partners are receiving per business customer, which is our way of investing in our partners and helping them grow long term,” said Tucker Mathis, CEO of FINSYNC, Inc. Greg Wilson, CEO of Lamar National Bank, said, “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.” FINSYNC is complementary to financial institutions’ core offering (not a replacement of such services). Getting started is easy and requires no upfront investment or core integration. A bank or credit union can enroll online and immediately start earning revenue share on any of their customers currently using FINSYNC for cash flow management and accounting. Banks and credit unions are encouraged to enroll online here: https://www.finsync.com/network/banks-and-credit-unions/

About FINSYNC, Inc.

FINSYNC is the only all-in-one payments platform that helps businesses centralize control of payments, manage cash flow, process payroll, automate accounting, and get in sync with the right banker and financial professional at the right time. See FINSYNC’s Television Commercial FINSYNC’s LinkedIn FINSYNC’s Twitter FINSYNC’s Facebook Contacts Eddie Davis, SVP Sales & Operations [email protected] 404 641-9367
FINSYNC has created a simple way for banks and credit unions to enable their business customers to apply for loans completely online. In our latest video, Eddie Davis provides a thorough walkthrough of FINSYNC’s Plug and Play electronic loan application solution for banks and credit unions. COVID-19 and the PPP loan process caused the lending market to shift almost completely online. By necessity, borrowers had to apply for PPP loans electronically, and lenders had to serve that need electronically. In many cases, behind the scenes was an extremely manual process. People were up late at night using all kinds of methodology for workflow management, collecting documents, and all of the processes were created and developed on the fly. Borrowers came to realize that it is possible and desirable to complete application workflows with their bank electronically. This video is about how Banks can deliver on that value proposition outside of PPP loans and PPP forgiveness, and make the transition to a completely digital traditional electronic business loan application process. [embed]https://www.youtube.com/watch?v=71aAS7D4kYw[/embed]

The Borrowers Experience

When a financial institution implements FINSYNC’s tools we provision the borrower intake forms. The intake form has your logo featured prominently. We also support traditional types of loans on our loan application. Our lender’s portal is a co-branded experience and we provision a unique URL for you. So where you see “modern lender” in the URL in the video, that's where your financial institution’s name would be. That makes it easy for you to direct people from your business facing portions of your website, your emails, and other marketing campaigns to be sure that your customers can easily get to your lender’s portal page. In the traditional financing section are the types of loans that you can create. These are the “purposes,” and within the portal, you can create as many loan products as you wish. The borrower works through the various tabs to collect their information and set up their account. Then, they are given access to the portal. Once the borrower has access to the portal, they can then submit documentation to your team if required as part of the process for that particular loan product.

The Lender’s Experience

Your team of business Bankers will login to their portal and they will process loan applications through your internal vetting process all the way through to funded and then pay back. You set up the portal by creating the various loan products that you offer. You'll go through an intake form to set up each new product. Then set the pre-qualification guidelines that the application will then display. When you receive a loan application, you will receive a notification. The application will then either be rejected out of hand if you feel that it's fraudulent or if it's not relevant to your institution. Otherwise, the loan application will get worked through the various stages of vetting. The lender’s portal is a multi-user environment. Each user may have different portions of an application workflow that they handle. Users can assign themselves or unassigned themselves. Or, a specific user can assign certain tasks to certain people on the team.

Summary

The FINSYNC Lender’s Portal is a full solution for loan application intake and processing. Any lender can now offer electronic loan applications to their customers. Zero core integration required for one low monthly subscription.
Services FinSync Quickbooks Bill.com Gusto Expensify TSheets Harvest
Payments
Bill Pay
Invoicing
Accounting
Payroll
Expense Reimbursement
Time Clock
Time Sheets
Projects
Cash Flow Management