5 things to look at when choosing your potential Business banking partner.
Choosing the right banking partner is more than just interest rates and lending options. Modern day businesses need the financial flexibility to keep up in a highly digital global economy that is often dynamic and moves fast. Organisations need banks that offer the support, services and flexibility required to drive and sustain growth.
Five key thinks to look can be as below:
Look for their digital banking options
Convenience and accessibility for financial services is paramount to have a sustainable business model. As the society moves fast enabled by cloud-based services, web and mobile apps, organisations also have to keep up with their back-office systems fast and efficiently. If the only way to engage your banking partner is in person, then that’s a wrong choice for your business as your employees will waste a lot of time back and forth to access these basic banking services. Checkout how I&M OTG Business has made banking convenient.
Look out for their global reach
Digital technologies are breaking down traditional barriers between customers and businesses, including geographic issues. Customers can interact with brands in new, more intuitive ways; thus organizations need financial institutions that operate across national borders & across the globe. This could make your operations much easier in the event your business expands to other geographies and with services like, I&M Brisk, it is one less headache for your business to look for a banking partner.
Analyse their range of services
Advisory options for corporate banking customers are invaluable, but only if they are accompanied by flexible service models that give businesses a wide range of solutions from which to choose. Don't neglect the full range of services available from a banking partner, as businesses today are increasingly pulled in many directions at once. You may need to bolster growth in one part of your organization while becoming conservative in your investments elsewhere. It is therefore noteworthy for one to look for a bank that blends investment advisory, Insurance advisory, lending options and other corporate-focused services than those that provide basic financing solutions only.
Look out for services based on need
Most organizations struggle with making sense of how different service offerings impact their business models without fully understanding how banking, insurance, wealth management and legal issues come together to impact their situation in terms of profitability, growth, and financial liquidity. Banks that offer needs-based services help organizations understand the holistic circumstances around their financial health situation and make the best decisions possible. Ultimately, businesses should look for a bank that sets itself apart because it is ultimately standing out based on relationships and advice, not products and interest rates.
Look for specialized advisory services
Look for a bank that will advise you on services and lending options that will foster growth. Most banks offer some basic advice on the best uses of different account and loan types, but the approach often focuses on providing enough details to push a customer to a decision. Businesses face varied demands depending on the specifics of their industry and market at a given time. In particular, focus on identifying if a bank you are considering offers advisors with specialized knowledge for your industry to go along with general banking expertise.
Did you know that I&M Bank is one of the best banks in kenya that offers industry based financial advisory services like insurance, credit and wealth management services? Find our more here.
By Omido Joshua
