Relationships still greater than technology!

Written by Max Anderson, Commercial Lender

We live in a fast-paced, ever-evolving world of information; perhaps, too much information. Knowing what banking services you need compared to those you don’t, is a challenge. Thankfully, many business owners have already blazed a trail through the thicket of banking products and services using the assistance of institutions like Honor Bank, and organizations like SCORE.

There are a couple of core trends in what we hear when business owners reach out to Honor Bank. In short, what are your digital capabilities (convenience) and who will I be working with (relationships)? These two trends continue to become more and more important as we progress into the age of fintech, artificial intelligence, and beyond. For any bank to survive in today’s competitive market, you have to offer all the digital things. Positive Pay, Remote Deposit, QuickBooks integration, Apple Pay, Google Pay, a digital app interface, a website, etc. The difference maker, however, comes down to the age-old idiom that, it’s not what you know (or what services you have, in this case), but who you know.

Do yourself and your business a favor. When it’s time to choose a bank, focus more on whom you’ll be working with rather than what they may or may not offer. Many problems can be solved simply by having someone in your corner who knows what they’re doing. Get a cell phone number, grab lunch together, and call just to catch up a bit – these are all things you should be doing with your banker. The same goes for mentors like SCORE. The value of a good advisor and point of contact at your bank is truly priceless. In my opinion, even in this ever-changing ever-evolving world we call home, success and your financial sanity all boil down to something older than time itself: relationships.

This was first published in the SCORE northern Michigan newsletter.