Northern New England businesses face many challenges and opportunities in today’s ever-evolving financial landscape – like managing economic uncertainties and solving new problems seemingly every day. A strong local banking relationship can help businesses navigate these opportunities. Beyond problem solving, businesses want a banking partner that aligns with community values while offering diverse and tailored services in response to the business landscape. The essence lies not just in financial transactions but in fostering a relationship that helps businesses propel growth and achieve success. Understanding what to look for in a local banking partner is important for businesses of all sizes, so that they can foster a relationship that unlocks the full potential of their business.
A Team of Trusted Banking Partners
Establishing a robust banking relationship begins with having a dedicated team that understands Northern New England businesses’ unique needs. Your trusted banking partner should recognize the significance of this aspect and go beyond conventional banking practices, through a dedicated, locally based approach with financial offerings and expertise that support your comprehensive business needs.
Dedicated Relationship Managers
At the core of a successful banking partnership is a team of dedicated relationship managers. Additionally, within a bank, you have teams from different business lines working together, providing a collaborative approach, and supporting the business. A bank can take pride in providing clients with a team of experienced and knowledgeable banking professionals who can see both the big picture and the small details. These skilled professionals aren’t just facilitating transactions; they are trusted advisors who deeply understand the intricacies and needs of your business and your customers. This personalized approach ensures that every financial decision aligns with your short and long-term goals.
Local Expertise
The bank’s commitment should extend beyond financial services. For example, its employees live and work in the communities they serve. This local engagement offers insights into the breadth of challenges and opportunities specific to their Northern New England roots. In turn, bankers act as conduits, connecting businesses with local resources and establishing a bridge between people, financial solutions, and community.
Personalized Service
A trusted banking partner places immense value on building genuine relationships. This involves ensuring that customers receive prompt, accurate, and proactive support. Personalized service aims to foster a deeper understanding of the client’s aspirations and challenges. This level of engagement creates a banking experience where clients feel heard, supported, and confident in their financial decisions. Here are some examples of what personalization may look like:
- Comprehensive year-end financial relationship review for business financing
- Customized lending solutions from credit cards to mortgage lending
- Flexible and secure deposit, savings, and cash management options
- Payroll and Human Resources solutions
- Merchant solutions tailored to support local businesses through rewards
- Investment in technology so customers have secure and dependable banking
- Helping you create a plan to protect and grow your assets with insurance, wealth management, investment, and financial planning services
Meeting You Where You Are
A successful business banking relationship evolves to meet your current needs while anticipating future possibilities. A strong banking partner will focus on meeting your varying business needs with a holistic and forward-thinking approach. For instance, when a local dental office looked to expand, their banking team helped them to think through the financing structure that met their current and long-term needs, while also introducing subject matter experts that brought in scalable solutions for financial services that allowed the dental office to focus on their customers.
Growth-Focused Approach
Businesses evolve, and banking partners develop alongside them while deepening the relationship. When a bank adopts a growth-focused client centric approach, it can cater to businesses of all sizes. Whether you’re a startup or an established enterprise, the bank can offer solutions to scale with your business. The goal is to meet immediate financial needs and to be a strategic partner in achieving long-term growth and success.
Comprehensive Product Suite
Businesses need a comprehensive suite of financial services under one roof. A banking partner can offer a full range of offerings, including deposits, lending, merchant solutions, payroll, corporate services, and more. All these services work in concert with one another in a tailored way that meets you where you are in your financial journey. This all-inclusive approach streamlines financial management, allowing you to access various solutions without the need to engage with multiple institutions.
Locally Designed, Sold, and Supported
Businesses benefit from a financial institution that can demonstrate an understanding of their holistic needs. By developing and offering a product suite designed by the financial institution itself, with the varying financial lives of their customers in mind, not only are the products well suited for the market, but the support and service meets the demands of businesses. For example, launching a credit card suite intentionally designed for and inspired by your community, with support and service provided by their local bank.
Frictionless Experiences through Technology and Innovation
For businesses, having an innovative financial services partner means more than having access to the latest technology. It means having a banking partner that is nimble and proactively integrates technological advancements into business financial solutions. It also means being responsive in providing the tools and security needed for dependable banking services, so your business can thrive into the future through a frictionless experience.
Cutting-Edge and Expected Technology
Your ideal financial institution should invest in robust online and mobile banking platforms, ensuring that you have access to efficient and secure digital banking experiences. Its technology features user-friendly interfaces, instant access, convenience, and advanced security measures, empowering you to manage your finances seamlessly and securely, anytime, and anywhere. It also explores cutting-edge, new platforms and financial offerings in the programable payments landscape to bring innovative and unique payment capabilities to your business and your customers.
Forward-Thinking Products
Staying ahead of the curve needs to be a priority. The bank can consistently introduce forward-thinking products that align with the developing needs of your business. Credit cards and debit cards that reward you for shopping local, customized debit card programs, and integrated online payment solutions are tools that meet your needs and align with trends in the financial landscape.
Constant Optimization
Innovation is an ongoing process. Your bank can constantly optimize its offerings. Regular updates and improvements ensure you benefit from the latest features and technologies, keeping them at the forefront of efficiency and ease of use. By staying agile and responsive to industry changes, your bank ensures you can rely on them for the latest advances that meet your needs.
Measuring Up to the Potential of Your Business
Unlocking the full potential of your business requires a banking partner who not only understands your business but actively supports your growth and success. They go beyond traditional banking services, offering a personal connection through a relationship banker paired with a suite of features designed to help you maximize your business potential.
Focus on Cash Management Needs
Your banking partner recognizes the importance of simplifying and securing business operations. It should offer ways to maximize your cash flow, increase automation and manage risk, all as a commitment to supporting your financial well-being. It demonstrates the bank’s dedication to helping you understand returns on your financial resources.
Mutual Bank Benefit
A mutual bank aligns its success intricately with the success of its customers, focused on the long term. This relationship fosters a collaborative and supportive partnership. As your business grows and succeeds, the bank is by your side. This shared success creates a mutually-beneficial relationship, reinforcing the commitment to the financial well-being of the local business community.
Bangor Savings Bank Can Be Your Trusted Partner
No matter what business you are in, and whether you operate from a single location or are spread out across Northern New England, Bangor Savings Bank has the right team and financial offerings to meet your needs while safeguarding your finances. With a legacy of strength and stability over 171-years and a promise to help its employees, customers and communities prosper, Bangor Savings Bank is a reliable and vibrant community bank. As a mutual bank, it invests in offerings designed specifically with businesses in mind, empowering locally owned businesses with best-in-class solutions. Visiting a branch, business office or website opens the door to a trusted local partner who is committed to your success. Contact Bangor Savings Bank to discuss your needs and experience the difference of banking with a partner invested in you.
Visit a Bangor Savings Bank branch or bangor.com/business to learn more.
Author: Ron Roope, SVP, Director of Main Street Banking and New Hampshire Commercial Banking Team Leader