How Cadence Bank Prioritizes Business Banking Relationships
Business owners need financial institutions they can trust. Learn how Cadence Bank takes a relationship-focused approach to business banking.
As a business owner, you need a financial institution that you can trust to keep your finances running smoothly, so you can focus your attention on day-to-day operations and the growth of your business. Trustworthiness is about more than just privacy and security—it’s about transparency, communication and customer service that exceeds your expectations.
Spencer Strickland, Executive Vice President and business & Community Banking Executive, knows firsthand how important it is for business clients to have a financial institution they can rely on. “We want to build a rapport and a relationship at a level where we gain their confidence,” he explains. “Ultimately, we want to become a trusted advisor—whether it’s through the products and services we offer, or the resources and strategic guidance we’re able to bring to the table.”
In this article, we’ll cover what to look for in a business bank, and how Cadence Bank takes steps to prioritize business banking relationships.
What to look for in a business bank
Choosing a bank for your business is a big decision. When looking for a business banking relationship, you should consider what types of products and services you might need in addition to a loan—things like a business checking account, business credit cards, merchant services and treasury management services.
It’s also important to work with a bank you can depend on. According to FIS Global’s PACE Findings, the top factors that play into banking satisfaction are:
- Safety and security of transactions
- Trustworthiness of bank
- A smooth, easy customer experience
At Cadence Bank, we work to provide the best possible experience for our business clients by building relationships, offering services that meet each client’s individual needs, and focusing on clear and transparent communication.
Building the client-banker relationship
Forming a relationship with our business clients is crucial to what we do. “It all starts with people,” says Strickland. “Our first step is going in and trying to truly understand what a client’s needs are. What are they trying to accomplish? Where are their hurdles? What are their goals or dreams?”
By taking the time to understand your business’s specific needs, our business bankers can help you achieve your operational and growth goals. We can recommend additional business banking services to support your business and act as an advisor on financial questions that might arise.
Strickland says that providing a personal touch can go a long way in building trust with clients.
“We give our clients the time and the energy that is required to truly be an asset to them,” he says. “We work hard to make sure we’re helping our clients achieve their goals as a business owner.”
Supporting clients with a variety of financial services
There are a range of financial services you need to effectively run a business. If you feel like your bank could be doing more to support you, it may be time to change business banks. According to a survey from BlueVine and Researchscape of over 1,000 business owners, only 9% of respondents said that their bank met all of their business’s needs.
Being able to access all of the services you need from one place can be a huge advantage for business owners. It allows you to streamline your finances and improve efficiency, so you can spend more time focusing on your business. That’s why Cadence Bank takes a team approach to business banking, connecting you with additional services such as treasury management, wealth management and merchant services.
When you partner with Cadence Bank, you have a business banker who will act as your primary relationship manager, but you will also be introduced to other team members like market executives, treasury management officers and wealth advisors. “We want to make sure clients know it’s not just one person in one location that’s here to support them, but an entire team of Cadence Bank associates that are here locally to help you,” says Strickland.
Our commitment to convenience and security
Convenience is key for business owners who are always on the move, which is why Cadence Bank strives to provide business clients with seamless and worry-free transactions. Through business online banking and the Cadence Bank Mobile app, business owners can access their finances 24/7.
This is a crucial aspect of providing a quality customer experience, since business owners are using mobile banking apps at a higher rate than ever before, according to J.D. Power. Safe and secure online banking can also affect a client’s trust in their bank. Strickland elaborates, “You have to have technology in place to take care of transactions smoothly, and then you have to have infrastructure around it to protect it. Our goal is to make the process as efficient as we can, as safely as possible.”
The importance of transparency and frequent communication
A PwC survey reports that 64% of business owners would consider switching banks over a lack of transparency and trust. In addition, 58% of respondents said that infrequent communication would play a role in their decision.
Transparency and communication has always been a core part of the client-banker relationship at Cadence Bank, but it has become even more crucial during the COVID-19 pandemic. Clients want to know that their financial institution is listening to their challenges and will be able to offer solutions. Providing Paycheck Protection Program (PPP) loans was just one way that Cadence Bank supported clients during this time.
"It's not just about being responsive when clients have a need," Strickland says, "it's about being proactive."
Communicating with clients on a regular basis helps our bankers understand how your business’s needs are evolving, so we can provide resources and guidance that align with your goals. “We continuously reach out to clients to ask them how we can help, especially now as we emerge from the pandemic and the challenges that it inflicted on many businesses,” says Strickland. “We’re also inviting them to reach out to us when they have questions, and letting them know that we’re here.”
Experience personalized business banking with Cadence Bank
We pride ourselves on taking a relationship-focused approach to business banking. We take the time to understand your business’s specific needs so that we can provide you with the best possible business banking solutions. To learn more about the business banking services that Cadence Bank offers, contact a business banker today.
This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.