Four Questions to Think About When Choosing a Business Bank
July 03, 2023
Your business bank is a trusted advisor — an institution you can count on for much more than just transactions. Whether your company is large or small, growing fast or scaling back, launching new services or focusing on what you know works, the best business bank is one that offers you a genuine and productive relationship.
Research from Phoenix Synergistics found that “trust” is the #1 reason why 42% of people are loyal to their primary financial institution. The #2 answer is “excellent service.” These factors are especially significant as Nevada emerges from the turmoil of the past several years. As your business continues to move ahead, do you have a solid, reliable banking partner that also delivers dedicated service and creative solutions?
If you’re unsure, these four key questions can help you assess your banking relationship and find the perfect fit.
1. How much do I trust my bank?
That “trust” question is key. A trusted banker should fall in a similar category to your lawyer or accountant — an experienced ear you can turn to for advice and guidance. Are you confident that your bank suggests products or services only when they benefit you? Does your bank help you solve challenges, from cash management to extended deposit insurance options to cybersecurity issues? Has your bank proven its ability to weather the storms and still provide excellent service?
2. Do I feel like a valued customer of my bank?
The term “relationship bank” is popular among banks these days. But the best business banks go well beyond sending a holiday email. Do you have one dedicated banker or team who delivers excellent service — promptly — when you email, call or text? Can you talk to senior leadership if you have a question or concern? Relationship banking in action shows that you are a valued customer.
3. Can my bank tailor both lending and treasury management to my needs?
Often, a need for new or different loan structures spurs businesses to search for a new bank. However, in addition to customized loans, the best business bank for you should be able to deliver smart treasury management tools to help improve cash flow and the way you manage your funds.
4. Does my bank understand the ins and outs of my business?
Whether your Nevada business thrived through the added demands on the logistics industry during the past few years or struggled due to plummeting — and then rebounding — tourism activity, your bank should know and care about it. A good banker will get to know how your particular company operates — what factors impact your revenue, what challenges you face and how you can make the most of your opportunities. If you’re the only one asking the questions, you probably aren’t getting the most from your banking relationship.