What Small Businesses Look For In A Bank.
Choosing a bank for your personal money management is usually a pretty straightforward process. On the other hand, choosing a bank for your company entails a different mind-set and a different criteria. Raddon Financial Group’s Spring 2014 Small Business Survey asked 1200 business owners what they value in a primary financial institution (PFI). The results offer four things that can help guide you to the best decision.
1. Dont be rate-driven. Be relationship-driven.
By far the most important thing to businesses in their banking relationship is service quality (93% rank it as their most important criteria). So take the time to get to know who you’ll be working with. Get references from companies that have been customers of the bank for at least a year.
2. Location still matters.
Even though you may not often physically go to the bank, proximity to a bank’s physical location and convenient branch hours are valued by 85% of small business respondents.
3. Online banking is a deal breaker.
More than 8 of 10 respondents identified the importance of online banking services in their choice of PFI. To make sure the online services you’ll be getting match the online services you want, send your primary online banking user to a detailed demo, so he/she can experience features and benefits – and be sure to ask what kind of tech support is available.
4. Consider ownership and management
Half the survey respondents listed local ownership/management as extremely or very important. So you need to consider how this attribute affects you and your company, particularly in terms of relationship depth and responsiveness.
Follow these tips, do your research, take your time, and you’ll be very likely to select a bank – and a banker – you can partner with for years to come. At CNB, we’re proud to partner with businesses in East Texas, and we’re proud to keep you informed and earn your business every day. If any of us on the CNB business banking team can be helpful to you, please call or email us today!
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