Businesses have a lot of choices for their banking needs these days which means that it’s important, if not imperative, to make sure your business services are relevant and compelling. We recently went out and looked at what some financial institutions are doing to attract and retain business customers. Here are 5 cool things we found:
1. Business Transitions Program
One client comment we hear frequently (and data supports) is that when companies grow quickly, they in many cases also become restless with their bank and begin to shop around for a potential new partner. To proactively offset that threat we found some banks offering assistance for business growth transitions, such as mergers, initial public offerings, transfers, and sales. The advice and planning capabilities ranged from a valuation of what the business is worth, advice on protecting the proceeds from the sale of the business, to a plan to help minimize tax consequences on various business transitions. By identifying expertise in this area it positions the bank as a credible resource.
2. Single Sign-on
Single sign-on is popular and convenient. Giving businesses the ability to access credit card, loan, investment, business and personal banking information with one Log-In ID and password is both convenient and efficient for the busy, small business owner.
3. 24/7 Real Person Service
Whether this service is offered as part of an executive banking package, a specialized industry program, or on its own, this is a significant way banks can elevate their customer service to a higher level.
4. Online Account Opening – Prevalent and Easier Than Ever
Although not necessarily a “cool” and unusual offering, we have added this to the list because, for business products, we found online account opening to be prevalent and believe it’s necessary to be competitive. In addition, many banks are using software that pre-populates fields for current customers so they no longer have to fill out the basic information already in the bank’s database.
5. Business Online Banking Specialist that Travels TO Business Customers
In an effort to go the extra mile for your business banking customers, consider designating a Business Online Banking Specialist to do regularly scheduled onsite visits to assist your clients in using your online banking tools. It will ensure your customers are getting the most from your cash management and eService tools, build trust, and keep you in contact with your customers, and with how your products and tools are performing.