Like any relationship; whether it’s a friendship, marriage or a business partnership, it’s critical to find the right match on the basis of your needs, expectations and shared values. If it was easy, we’d all just count off and pair up with the any person standing next to us. On the other hand, the right match helps you realize your full potential, brings out the best in you and allows you to live the life you want. Your bank could be that kind of relationship. So how would you find the best bank match; here are four ways that will help you determine what to look for and where to find it;
1. The Size Matters
I have seen people lumping all banks together into one category. However, as a matter of fact, there are small community banks and large national/international banks, each serving a bit different purpose. So, the question is; why he banks size matters? Let’s take an example; If you’re running a multi billion dollar company, you need a large bank in order to meet your needs for cash flow and capital lending, plus the ability to manage international currency issues. It also helps if you’re running a cash-based business hat needs multiple locations spread all over the country for on-site deposits. On the other hand, if you’re running a mid-sized or even small company with local or regional footprints, then small bank might be a better fit for you.
2. Man Vs. Machine
Just ask yourself; how critical is it for you to know the banker you are dealing with? Usually, National banks provide the customer service representative for account setup or to handle loan application, but then eventually refer you to a Telephone Banking RBS or 800 (toll-free) number for inquiries. If your finances don’t need re-evaluation or tinkering and runs on autopilot, then it would be the most efficient process. In contrast, small businesses or individuals might need to extend the terms, refinance loans, or renegotiate payments on the basis of current conditions. In such situation, a community bank works out well as it’s more familiar with your company and the community/clientele you serve.
3. Modern Technology
With the advancements in online and mobile capabilities, the majority of community banks are on par with the technology offered at big banks. In fact, finding a good fit is as important to the bank as it is for the customer. It’s better to evaluate your needs in advance and look for a bank that fits your size, personality and philosophy.
4. In-house Or Outside Support
Last, but not the least, you need to determine the level of support you need and choose accordingly! Try to answer a couple of questions such as what’s the size of your team? Do you have a financial advisor, a treasury consultant, a lending professional, accountant or a cash flow expert? A big bank will work out well, if you want a place to deposit money and get loans without consultation or advice. On the other hand, community banks offer advising and consulting to effectively serve as an addition to your finance department, allowing you tap into precise skills as needed.