Conversations to have with your bank

The Santa Clarita Valley Business Journal
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A simple truth is that banks cannot be all things to all people. By the same token, not all banks are created equal nor do they focus on the same core competencies. In addition to the overall client experience, businesses need to be sure their bank is a good fit for what is needed to grow and operate their business.

Here are three questions to start a conversation with a prospective bank.

Is your bank interested in a relationship with your business?

The internet provides an unprecedented wealth of information easily available on the strength, health, and direction of financial institutions. A little research can go a long way in determining the health of your own bank, the direction it is taking, and its willingness to have you as a customer.

Does your bank provide the array of products and services your business needs?

While many large financial institutions spend mega-dollars on advertising campaigns and flavor-of-the-week products, ask whether what they’re offering really fits your needs.

Will your bank be honest with you?

There will be times when it’s just not possible to obtain the financial products you are seeking. A good banker should be willing to sit down and review your financials with you in detail and work to explain what areas may need to be addressed so that you are able to secure the financial products and services desired in the future. Learn from the setbacks as much as the successes. Every action is an opportunity to learn something towards achieving goals.

Having a relationship with your banker is invaluable.  A good banker will earn their role as a Trusted Advisor, invested in the growth and success of your business, and will work closely with you.

Lastly, banks must demonstrate their dedication to a broader purpose. They need to prove they are not just driven by quick profits, but also by shared values. There is tremendous value in working with a client-focused, relationship-driven banker who will invest the time necessary to get to know a business and understand its unique needs. The path to long-term success is for businesses to develop long-term relationships with bankers who demonstrate expertise, experience, and dedication to their success.

Mission Valley Bank is a locally owned, full service, independent community business bank headquartered in Sun Valley, California with a business banking office in Santa Clarita. For more information visit www.MissionValleyBank.com or call (818) 394-2300.

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