What if your bank acted as a consultative partner rather than a cold transactional entity?
Most banking institutions have subject matter experts in a variety of roles. While this is ideal, most business customers don’t want or need variety, they need a quarterback who can identify what subject matter experts are appropriate for the customer to run their business efficiently.
An ideal model may involve a relationship manager who acts as a quarterback to the client. At the quarterback’s discretion, they will advise the client on all aspects of their business, including when to bring in key bank subject matter experts, like treasury management.
Treasury management adds value to customers by delivering a well-rounded proposal of products and services that will help them become more efficient and protected, so they can spend their time on the business and less time worried about their finances.
Some of the bigger trends in business banking today are remote access, fraud detection and rising interest rates. This is where the concept of relationship comes into play. The treasury management team will advise clients on products and services based on need and how to best maximize a client’s funds.
A healthy relationship means trust that either party is doing what’s right for the other. Look for a bank that will take care of you on a holistic level.
Incorporate a member of a treasury team early in the conversation to provide the most well-rounded solution—one that may have otherwise gone unnoticed—to your business needs. In this sense, treasury management should not be treated as an after-thought; it becomes less of a transactional relationship.
In a booming economy, success is ubiquitous. While the economic landscape will always shift, the customer relationship should be thoughtfully considered in any climate to make sure each party is the right fit for one another.
About the Author
Kyle Fergusson, with more than 10 years in banking, focuses on products and services that fit business customers’ needs. Kyle has a Bachelor of Arts in finance from the University of Washington, is a member of the Northwest Association for Financial Professionals and the Community Associations Institute – Washington State Chapter.
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