The changing landscape of business banking
We’re seeing a shift in business banking, with companies increasingly needing more help with large-scale service needs, tight labor markets affecting employee tenure and hiring, and market consolidation impacting clients as banks enter or exit industries. With changes and challenges like these, it’s critical your banker know and understand your company and its needs, so it can be a true strategic partner.
Your bank should act as an extension of your business—helping you manage and finance your business accounts while providing savvy strategies to keep you moving forward. Following are three considerations for choosing a bank for your organization in today’s evolving business landscape.
When your banker understands the business cycles and unique financial needs of your industry, you receive critical insight to help your company succeed. This experience begins with a simple but powerful action: establishing a relationship.
Creating and maintaining an effective partnership requires regular communication between you and your bank partner. Find a business bank that is willing to keep an open dialogue with you, with communication touchpoints that take place as frequently as you need them.
2. Nimble products and services
Technology has changed the way people do business. It’s also changed the way companies bank. And while technology gives you greater control over your organization’s finances, it shouldn’t change the business partnership you have with your bank.
When establishing your bank partnership, technology must go hand-in-hand with personal service and strong products. If you have a good relationship with your company’s financial institution, it can help the bank evolve your services to align with your business stage. That means you receive the products your business needs when you need them, whether you are entering the next level of your growth plan or adapting to an industry challenge.
3. Strategy and support
With business banking, you should also consider the benefits a financial institution can provide regarding business strategy, operations support and risk management. A close-knit relationship with your bank can give you:
- Guidance and strategies that make sense for your organization
- Risk management support as your business changes over time
- Problem resolution support if you encounter a trouble spot or tight season
- Efficiency measures that help keep you profitable
- Information security resources and support
Don’t set-and-forget your bank partner
This summer, as you plan your vacations, staycations and backyard barbecues, consider setting up time to talk with your business bank. Just as you connect with friends and family throughout the year, make time to update your bankers on your business and your business plans.
For additional insights on business operations, check out our article on managing and optimizing business liquidity. Interested in learning more about UMB Business Banking? See what we mean when we say, “Grow with Confidence.”