How to Choose a Good Business Banking Partner Beyond the Cost

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( — February 11, 2022) — A business can choose any bank they desire, but researching, consulting, and ultimately selecting the right one is the best way to get the right partner that ticks all you want in a provider. Your preferences may include availability, rating, features, costs, interest rates, and even factors such as sustainability.

Relying on anyone’s reason for choosing your bank is not advisable. Your banking arrangements must be treated as a long-term relationship. You should look for a banking partner who understands your business and industry, along with your creditworthiness and your borrowing requirements.

Understanding your business necessitates an understanding of the community that supports your business. The closer you are with your banker and the more they know you and your market, the better they can aid you in seizing opportunities and avoiding downsides as business conditions change.

Here are the top considerations when choosing your business bank.

Build worthwhile relationships

While many business owners look for a banking relationship, many, especially startup businesses, don’t think they can get one. The belief is that genuine connections can’t exit easily in this generation’s connected business environment, which is ruled by the internet, social media, texts, and other forms of communication.

Building a relationship with your bank is ultimately about understanding your client before asking about their financial goals

Relationships among the staff, customers, and the community are linked. Bankers build relationships through authenticity and sincerity, both internally and externally. That’s impossible if you don’t care about people and create relationships. Once you get to know them and what their motivations are, you can then assist them in achieving those things – you start being a part of turning those dreams into reality.

Bespoke solutions

Most banking institutions offer similar business solutions, but that doesn’t mean all have the same level of expertise. Your banking needs are based on your business and how you prefer those solutions to function.

Every business and owner, in reality, is unique and must be given bespoke solutions that should reflect their needs, rather than being forced to use what everyone is using.

A bank building a new relationship and banking solutions for new clients must begin by considering what they love about the current banking relationship and what can be changed to improve particulars.

A banker who understands you and your business will help you grow your business and aid you in resolving fiscal issues. Your banker can also assist you in forecasting the types of banking services you’ll require down the road.

Community involvement

A bank’s commitment to the local community should be a factor as you choose where to bank. The strength of your community has a direct effect on the potential of your business. In terms of sales and workforce quality, your business benefits as the community prosper.

Choosing your business bank shouldn’t be rushed. Find one that has green practices along with combined with great features and costs. They should be amenable to modification based on your needs and, in extension, the community. 

Sustainable procurement

Tied to the consideration above, especially as businesses move towards a more socially and environmentally conscious direction. Opting for a bank that actively works with suppliers and other industry leaders on sustainable procurement is necessary. For example, banks like DBS use the following initiatives:

  • Supplier Sustainability
  • Sustainable procurement practices will help businesses reduce waste, contribute to decent working conditions and enable economic growth.
  • Circular procurement practices
  • Incorporating circular procurement practices in our supply chain and training sourcing managers to work with suppliers in the responsible management of materials and conservation of resources.
  • National Sustainable Procurement Roundtable (NSPR)

DBS is one of the four establishing members of Singapore’s first industry workgroup encouraging sustainable procurement to create an innovative and sustainable supply chain that proficiently meets sustainability objectives.

There you have it. As you choose your next banking partner, use the considerations above, and you’re well on your way to not just a profitable but a more sustainable business that impacts your community.