Choosing the right bank

As a CFO who has worked with many banks during my career, I’ve always looked for an institution that not only could provide me with the financial tools and products but who could also help me and my company or clients succeed.

One thing I have learned is that all banks are NOT the same – not even close! Some do a better job of providing tools/products at a lower cost. Others, because of their position in the local/regional market space, have better insight at that market level. Still others rely on their national or international reputation, but many of us have found that bigger does not always mean better.

I find, after a year or two, that the initial or current bank of choice may not always be the best fit, which begs the question “Which bank is the right bank?” That depends on your product, geographical location, and even your business philosophy. Another factor is how responsive your bank is in the marketplace relative to our quickly changing economic conditions.

Bankers experience this problem with customers as well. Often, what both sides thought would be a beautiful relationship, turns out to be akin to a bad marriage.

For this reason, there are surveys done by sites such as the Banking Advisory Board that contact experienced CFO’s for their opinions. I’ve been contributing to these sites for over a decade now. The results of these surveys are shared with the Banking industry to assist them in responding to their customer’s wants and needs.

I feel that my one of my most important roles as a B2B CFO® is to assist my clients in finding the right bank and other professionals in maximizing their businesses profitability and overall success. Attached is a link to a guide that will assist business owners and their advisors in navigating this mine field in respect to many of the country’s leading financial institutions in terms of branding, focus and trust.

See the survey results at:

https://www.bankadvisoryboard.com/MediaServer/documents/BAB_Report_on_Brands_and_Trust_040711.pdf