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Why growing businesses are turning to Finrails AP™

As your business grows, are your financial operations keeping up? If your team is still handling payments manually, it might be time to consider automation. Streamlining payment workflows frees up your team to focus on strategic priorities, reduces errors and ensures your financial technology supports long-term growth.

The Hidden Costs of Manual Payment Systems

If your company still relies on manual payment processes, your accounts payable team may be feeling the strain—especially as transaction volumes increase. Manual systems aren’t just time-consuming; they’re more prone to errors, lack real-time visibility into cash flow and make it harder to track payments efficiently.

They’re also a security risk. Check fraud is on the rise, with alarming financial consequences. According to the 2024 AFP Payments Fraud and Control Survey, the percentage of organizations reporting fraud attempts jumped from 65% in 2022 to 80% in 2023. Checks remain the most vulnerable payment method, with 65% of businesses experiencing check fraud activity.

Cybercriminals are getting smarter, making it critical for businesses to have automated systems that can detect and prevent fraud before it happens.

The Benefits of an Automated Payment Platform

Switching to an automated payment system can significantly cut down the time and cost of processing transactions while improving accuracy and security. It also makes life easier for both employees and vendors by ensuring payments are processed quickly and reliably.

Here’s what an automated payment platform can do for your business:

1. Reduce payment errors by standardizing processes, eliminating manual data entry and flagging discrepancies in real-time.
2. Gain real-time cash flow insights with centralized data, giving you instant access to payment details and analytics.
3. Ensure compliance with tax and financial regulations through built-in monitoring tools and detailed audit trails.
4. Scale seamlessly as your company grows—your payment system adapts to increased demand without causing delays.
5. Improve vendor and employee experience with faster, more accurate payments and user-friendly dashboards.
6. Detect and prevent fraud with features like Positive Pay to flag suspicious checks or unauthorized ACH transactions.

How Finrails AP™ Helped a Leading Building Materials Supplier

Burrow’s, a trusted supplier of building materials and accessories for professional contractors, faced a major payment challenge: their manual check process was time-consuming, and their banking platform didn’t allow them to send ACH transactions separately.

By implementing Finrails AP, they streamlined payments with automated ACH transactions, gained access to a virtual card option with rebate benefits and improved fraud protection with dual authorization for added security.

Why Choose Finrails AP?

Finrails AP, powered by Signature Bank, is a simple, seamless and secure automated payment platform designed to eliminate inefficiencies and improve financial control. Plus, businesses get access to Signature Bank’s treasury management experts for guidance along the way.

With Finrails AP, you can:

• Eliminate manual data entry
• End reliance on paper transactions
• Streamline workflow approvals
• Customize approval rules and routing
• Improve payments visibility
• Reduce processing time
• Improve cash flow
• Gain efficiency with seamless ERP integration
• Improve vendor relationships
• Generate revenue through virtual card payments to vendors
• Streamline AP team responsibilities
• Make digital payments for speed and increased security
• Make fast, secure payments from a single access point

Ready to move beyond manual payments? Discover how Finrails AP can simplify your accounts payable process today. Learn more here or contact Jason Chess at jchess@signaturebank.bank or 847.268.1032.

Digital banking platforms are a critical piece in an organization’s financial management success. Important features including remote banking, financial reporting, fraud protection, electronic payments and international transactions, embedded in digital banking, allow your team to operate more efficiently, improve cash flow and deliver an overall better customer experience.

At the same time, human relationships still matter when it comes to making important decisions for your business or navigating complex financial challenges. Unfortunately, many banks have taken their “digital-first” approach too far, forcing clients to spend too much time on the technology at the expense of their business. There’s nothing like having a personal contact at your bank to pick up where technology leaves off.

In this article, we’ll look at five areas where digital banking capabilities are stronger when paired with personalized service from your banker.

1. Optimizing Your Digital Banking Platform

Your bank’s digital banking platform alone will not transform the way your business manages the day-to-day finances. Your team must understand how to best use the technology to support your unique business.

For example, if you have multiple entities or subsidiaries, you may want to establish an account structure with sub-accounts or linked accounts across entities. You may want to use the platform’s reporting and analytics capabilities to monitor cash flow, analyze spending, or track financial performance against key performance indicators.

These can be complex undertakings that leverage advanced features of your banking platform. Whether it’s helping you set up automated payments to optimize cash flow or customizing reports that offer deeper insights into financial performance, personalized support from your banker can help ensure you get the most from the platform’s capabilities. For example, your bank might offer individualized training sessions or one-on-one consultations to help tailor the platform to your specific needs.

2. Fraud detection and resolution

Attempted bank fraud has become all too common – often as the result of checks stolen from mailboxes or personal information compromised online. Fortunately, the ability to detect and prevent fraud continues to improve. Advanced systems can leverage data, machine learning, and AI to detect unusual patterns in transactions and often catch fraudulent activities before they cause significant damage or loss. Real-time alerts can immediately notify businesses when something suspicious occurs.

But what happens next? Once a problem is identified, the real challenge for business owners is to understand the source of the fraud, assess the impact, and mitigate any damage. This is where it helps to have a trusted banking partner that can help navigate the situation, assist with discovery, provide advice and solutions to reduce future risk, and offer a general sense of security at a vulnerable time.

3. Merchant Processing

Merchant processing technology has become increasingly sophisticated, allowing businesses to seamlessly accept payments in multiple forms – such as credit cards, mobile payments, and online transactions. A banking partner that knows your business and has experience in your industry can help configure merchant processing capabilities and recommend optimal payment gateways, pricing models, and fraud prevention measures. Additionally, they can offer insights into trends such as mobile payment adoption rates or the best ways to reduce transaction fees, helping businesses stay ahead of the competition.

4. International transfers

Thanks to technology, international transfers happen more quickly and with lower fees than ever before, while enabling you to manage currency exchange rates and cross-border payments more effectively.

Yet, international transfers come with risks such as fluctuating exchange rates, regulatory hurdles, and security concerns. When something goes wrong, you need more than just an automated system; you need a banking partner who can help you navigate the complexities of international payments, resolve disputes, and ensure compliance with global regulations.

For instance, a bank might provide access to currency risk management specialists who can offer personalized advice on hedging strategies, or who can help explain the implications of geopolitical events on exchange rates. This level of personalized support adds real value to the technology-driven services banks offer.

5. Reporting and Analytics

Modern banking platforms offer detailed financial reporting and analytics, allowing you to track cash flow, monitor spending, and monitor performance. However, data without context can be overwhelming. You need more than just raw numbers – you need to understand what those numbers mean and how they can inform strategic decisions.

A bank that pairs cutting-edge analytics tools with expert advisory services can help you interpret your financial data in meaningful ways. For example, you might receive detailed reports on spending patterns, but a banking advisor can help identify inefficiencies, predict future financial needs, or recommend specific financial products based on your unique circumstances. This personalized guidance transforms data from a passive resource into a powerful tool for business growth.

The Perfect Pairing: Technology with a Personal Touch

While digital banking platforms offer an impressive set of ever-expanding benefits, those benefits truly come to life when combined with personalized service from your banker. Whether it’s supporting fraud detection and prevention, helping maximize your digital platform, or making sense of complex analytics, the combination of innovative technology offerings and personalized service ensures that your team is maximizing your technology investment to drive your business success.

Signature Bank is known for its tailored approach to relationship-based customer service and use of leading technology to help clients thrive in their unique industries. Signature Bank is the Midwest’s premier, boutique business bank, focused exclusively on serving the needs of privately-owned businesses and non-profit organizations. Learn more at www.signaturebank.bank or contact Penny Foust, Signature Bank’s Certified Treasury Professional at pfoust@signaturebank.bank or 773.499.7157.

While the holidays are filled with celebrations and relaxation with family and friends, they also pose cybersecurity risks from fraudsters hoping to take advantage of these distractions. Signature Bank hopes to help you avoid holiday hazards by sharing some tips for handling potential scams.

Phishing and Smishing Scams

Cybercriminals use email (phishing) and text/SMS (smishing), posing as trusted vendors, partners, or financial institutions. Typically, these messages inspire fear or panic and push for immediate action, with subjects such as the detection of “unusual activity” on your account, or the need to address an unpaid invoice or undeliverable package.

Tips to stay safe: Be sure to verify any suspicious messages independently (before clicking on links) and use tools such as spam filters as a first layer of defense against unwanted emails. Additionally, consider enabling multifactor authentication (MFA) on your banking and financial apps to add an extra layer of protection.

Holiday Charity Scams

Scammers impersonating charities can play on your goodwill during this time of year. Practice caution with unsolicited donation requests from charities with little or suspicious details.

Tips to stay safe: Always verify charities through trusted resources like the Better Business Bureau before contributing, and direct all donations through official channels.

Gift Card Scams

Gift cards are an easy, untraceable way to steal money from unsuspecting businesses. Fraudsters may impersonate company executives or business partners asking for the purchase of gift cards.

Tips to stay safe: Be wary of emails, phone calls, or texts demanding payment via gift cards. If the request appears to come from someone you know, take the time to verify the source before making the purchase. Only purchase cards from trusted retailers, and check the card’s packaging for signs of tampering.

Package Delivery Scams

Fake delivery notifications have become a popular way to trick people into sharing sensitive information. With the sheer volume of deliveries during the holiday season, these scams can catch people off guard. 

Tips to stay safe: Verify shipment details directly with carriers. 

Fake Public Wi-Fi Scams

It’s typical for many to use Wi-Fi networks while traveling. During this time of year, cybercriminalscount on people unknowingly connecting to fake public Wi-Fi networks, risking personal and business data.

Tips to stay safe: Be vigilant about checking unsecured or unusually named Wi-Fi networks in airports, hotels, or other public locations. 

Fake E-commerce Sites and Social Media Ads

Fake e-commerce sites have become more sophisticated and are now easily promoted by social media ads designed to lure shoppers to purchase. These sites then capture payment information and other personal data.

Tips to stay safe: Research online retailers thoroughly, check reviews, and verify the website’s URL for signs of authenticity. Also, be sure to use secure payment methods that offer fraud protection.

Travel Scams

With many people traveling through the holiday season scammers have become experts at exploiting fake travel deals, bogus accommodation listings, and fraudulent ticket sales.

Tips to stay safe: Always use well-known booking sites and verify the website’s URL before making any payments. Also, be suspicious of deals that seem too good to be true, and significantly cheaper than the market rate.

Overpayment scams

Overpayment has become another popular way for scammers to make money. This is when someone overpays for products or services and then requests a refund before the original payment is reversed.

Tips to stay safe: If you receive payment for more than the agreed-upon amount, send it back or cancel the order and ask for another payment in the correct amount. In case the sale has already concluded, try to cancel it, and do not agree to return any overpayment.

Heading into the new year is a great time to review passwords and password storage to avoid potential security risks. Strong passwords serve as the first line of defense against hackers gaining access to personal or work accounts. Using the same password across multiple accounts can increase vulnerability, if one password is compromised it can lead to a domino effect, enabling access to all linked accounts.

Did you know that 88% of breached passwords are 12 characters or less?

Consider using strong, unique passwords for each account and a reputable password manager with strong encryption for safe storage of your passwords. Characteristics of a secure and strong password are listed below:

• At least 12 characters long or more
• Combination of uppercase and lowercase letters, numbers, and symbols
• Not a familiar name, person, character, or product
• Is not based on your personal information
• Passwords are unique for each account you have
• Significantly different from your previously used passwords

Every day, thousands of people fall victim to fraudulent emails, texts, and calls from scammers pretending to be their bank. The Federal Trade Commission’s report on fraud estimates that American consumers lost a staggering $10 billion to phishing scams and other fraud in 2023—an increase of 13.6% over 2022!

It’s time to put scammers in their place.

Fraudsters aren’t so scary when you know what to look for. And at Signature Bank Chicago, we’re committed to helping you spot them as an extra layer of protection for your account. We’ve joined with the American Bankers Association and banks across the country in a nationwide effort to fight phishing—one scam at a time.

We want every bank customer to become a pro at spotting a phishing scam—and stop bank impostors in their tracks. It starts with these four words: Banks Never Ask That. Because when you know something sounds suspicious, you’re less likely to be fooled.

These four phishing scams are full of red flags:

• Text Message: If you receive a text message from someone claiming to be your bank asking you to sign in, or offer up your personal information, it’s a scam. Banks Never Ask That.
• Email: Watch out for emails that ask you to click a suspicious link or provide personal information. The sender may claim to be someone from your bank, but it’s a scam. Banks Never Ask That.
• Phone Call: Would your bank ever call you to verify your account number? No! Banks Never Ask That. If ever in doubt that the caller is legitimate, just hang up and call the bank directly at a number you trust.
• Payment Apps: Beware of text messages from someone claiming to be your bank saying your account has been hacked. The scammer may ask you to send money to a new account they’ve created for you, but that’s a scam! Banks Never Ask That.

You’ve probably seen some of these scams before. But that doesn’t stop a scammer from trying. For tips, videos, and an interactive quiz to help you keep phishing criminals at bay, visit www.BanksNeverAskThat.com. And be sure to share the webpage with your friends and family.

Signature Bank Chicago has been named to Crain’s Chicago Business’ list of Largest Banks in Chicago. The bank ranks as the 15th largest bank in Chicago and has the highest “Return on average equity” and second highest “Return on average assets” and “Commercial loans” percentages. This achievement marks the bank’s seventh consecutive year of record growth and profitability. See the list.

In today’s digital age, fraud is an ever-present threat to businesses of all sizes. In addition to financial losses, fraud can lead to reputational damage, regulatory fines and legal consequences, and operational disruption. 

Unfortunately, it’s no longer a matter of “if” you’ll be affected by fraud, but “when.” According to the 2024 AFP Payments Fraud and Control Survey Report, 80% of organizations were victims of payments fraud attacks or attempted attacks in 2023, which is an astounding 15% increase from the previous year. This spans all types of businesses, from large corporations to small nonprofits, underscoring the necessity for every business to implement comprehensive fraud protection strategies.

Banks employ a variety of robust protections to fight fraud, but businesses must also invest in their own anti-fraud efforts. This dual approach is essential because vulnerabilities unique to the business’s operations can still pose significant risks that banks’ measures alone cannot fully mitigate. 

Automate electronic payments 

Check fraud affected 65% of surveyed businesses in 2023. The U.S. Postal Service has become a common target for check fraud with checks being intercepted and altered by fraudsters and then deposited via mobile apps or cashed by unsuspecting bank employees. If you can switch from checks to electronic payments, here are a couple options: 

• Automated Clearing House (ACH):  is a way to electronically move money between banks. 
• Automated Account Payable solutions: Leveraging a payment app, such as Finrails AP from Signature Bank, offering one central, secure platform where authorized users can securely manage and monitor payments of all types, including virtual card payments to reduce the use of paper checks. 

If you must use checks, ensure they are traceable. Positive Pay is a service offered by banks, which flags and reports suspicious checks before they are paid. It is alarmingly underused by businesses, thinking they have the same fraud protections as consumers, which they do not. 

Enhance digital controls 

Fraud is often a result of employees or customers sending sensitive information through unsecured channels. Ensure payments and information are secure by using digital controls such as:

• Strong passwords and secure links: Ensure that sensitive information is sent securely and passwords are strong and frequently updated
• Encryption: converting data into a secure format and ensuring it remains encrypted during transmission to prevent unauthorized access  
• Multi-factor authentication and dual controls: requiring two forms of authentication, such as a password and a one-time code sent to an email or mobile device (yes, this can be annoying, but it’s effective) 
• Biometric authentication: using biological traits, such as fingerprints or facial recognition, to verify identity 

Leverage real-time monitoring and alerts

Real-time monitoring systems can track transactions and other activities as they happen, flagging suspicious behavior immediately. These systems often use predefined rules and machine learning models to evaluate the legitimacy of each transaction. When potential fraud is detected, automated alerts are sent to the relevant personnel, enabling a quick response to mitigate any potential damage.

Educate employees 

While technology and data play a critical role in fraud prevention, human awareness remains vital. Educating staff on the latest fraud tactics and the importance of adhering to security protocols can significantly reduce the risk of insider fraud and phishing attacks. Employees should be on the lookout for fraudulent behavior and know what to do if they spot potential fraud. 

When fraud occurs, prompt action is critical. When unauthorized transactions happen, an organization’s bank should be notified immediately because liability shifts to the business after just 24 hours. This will also help prevent further fraudulent transactions.

Technology is essential for businesses to protect themselves from fraud threats 

Fraud poses a significant financial threat that businesses must proactively address. By implementing multiple layers of protection—ranging from enhanced cybersecurity and employee education to digital payment solutions and vigilant monitoring—businesses can significantly reduce their vulnerability to fraud. Preparing for the inevitability of fraud with a robust prevention plan is essential to safeguarding your business’s financial health and integrity.

About Signature Bank 

Signature Bank is Chicago’s business bank, focused exclusively on serving the needs of privately owned businesses and their owners. If you’re looking to partner with a relationship-driven bank in the fight against fraud, visit Signature Bank online at www.signaturebank.bank or contact Jason Chess at jchess@signaturebank.bank or (847) 268-1032.

Aviation-related businesses face unique banking challenges due to the large amount of capital involved, potential liability issues, maintenance costs, regulations, and complex ownership structures. Those on the ground operations side of the aviation business are tasked with securing funding for infrastructure and technology upgrades that create efficiencies and meet modern safety guidelines. Private planes, hangars and charter services are in high demand by successful companies and high-net-worth individuals, underscoring the need for tailored financing options. Meanwhile, airports are increasingly focused on sustainability and in need of loans that fund the progress of eco-friendly projects and modernization initiatives. 

Finding a banking partner that understands these challenges across the many facets of aviation – from air to ground operations – can feel impossible. Too often, banks or investors lack the detailed knowledge of aviation financing, regulations, and trends to offer any real value. Many are simply eager to get through one transaction and on to the next. 

When seeking finance and banking solutions for an aviation venture, it is beneficial to find a relationship banker who understands your business and is committed to your success as much as its own. It’s best to look for a banking partner that offers: 

Aviation Industry Expertise

Seek out a banking partner that is acutely familiar with the regulations and obligations of your industry, that knows how to avoid industry pitfalls, and that has a proven track record helping similar businesses achieve their financial goals. 

Many banks focus on aircraft financing, but few cast their net beyond that into the broader world of aviation. Businesses including airplane owners, charter operators, airports and others, are most successful with banking partners that specialize in a wide range of aviation finance offerings, including managing cash flow; financing FBOs, hangar construction and ground-based assets; financing charter operations including Part 135 aircraft; and structuring loans. 

“One of the key challenges we face in aviation is that it’s very difficult to find a lender with an in-depth understanding of our industry,” said Nick Martino, Vice President of Operations for CloudNine. “That is what makes Signature Bank so unique – I don’t have to explain aviation industry nuances, best practices or federal obligations. They know our space and we both value a successful relationship.” 

Customized Solutions for Your Needs 

Banking products and services should not be one-size-fits-all.  Whether it’s acquiring new aircraft, expanding fleet capabilities, or optimizing operational efficiencies, your bank’s financial solutions should align with the unique needs and goals of your business. For example, most banks formulaically finance aircraft, allowing the rate to drive the terms. Instead, look for a lender who is looking beyond the transaction, who gets to know you as a borrower, and who will tailor terms to fit your specific situation. Can they go beyond a quick, impersonal transaction and offer bespoke solutions to help you navigate this unique, high-stakes space? Boutique commercial banks can offer concierge-level service, meaning bankers are easily accessible and provide guidance and financing options that are customized to each client’s needs.

Efficient Processes and Solutions

Your time is valuable. You need a banking partner that offers streamlined processes, quick decision-making, responsive customer service, and innovative digital tools. Ensure your bank can align tailored financial products and services that expedite transactions, simplify cash management, and enhance liquidity with your aviation-specific needs and challenges. A mid-size bank offers efficiencies that can mean faster loan approvals, seamless payment processing, real-time access to account information, and proactive risk management support.

Industry Connections

Another asset to look for in an aviation banking partner is strong industry networks and relationships. A banker who is well-connected can provide clients with access to its own national network of contacts. It’s also beneficial if the bank belongs to industry organizations, such as the National Business Aviation Association (NBAA), the National Aircraft Finance Association (NAFA), and the American Association of Airport Executives (AAAE). For instance, consider the advantages of negotiating and financing a hangar space at an airport where your banker has a personal contact or at the very least has a proven track record of financing similar projects.

The right banking partner can take your business to new heights
The aviation industry is complex, especially if you are involved with ground operations, including small non-commercial airports, hangars and FBOs. There are numerous subtleties and challenges to navigate, and it is critical to have a banker who understands the space and is experienced with taking on this role. With the right banking partner, the sky’s the limit.

About Signature Bank 

Signature Bank Chicago is focused exclusively on serving the needs of privately-owned businesses and their owners. It has expertise and products and services that focus on a variety of nationwide aviation financing needs including FBOs, aircraft, hangars and other ground-based assets, charter operators including Part 135 operators, and airport operators.  Learn more at www.signaturebank.bank or contact us for:

• Air: Ross Thomson, Senior Vice President and Division Head at rthomson@signaturebank.bank or 312.386.6910. 
• Ground: Dave Wymer, Senior Vice President, dwymer@signaturebank.bank, 847.268.0002

Why is partnering with a locally owned bank beneficial to your business? Your company is typically one of your most valuable assets, and having a close relationship with your bank is critical when it comes to making important financial decisions and driving growth. [Read more]

While it’s a given that a career as an attorney demands expertise in the practice of law, the business side of the legal industry also requires a high level of savviness and should not be overlooked or viewed as secondary. The stakes are high when large sums of money are flowing in and out of a firm, with client fees and settlements coming in, and legal team payroll, case expenses, and firm overhead payments going out. It’s crucial for legal firms to have a trusted banking partner – one that knows the legal industry and its nuances and regulations – to guide and manage cash flow, particularly if they are a litigation law firm working with large settlements. 

Benefits of an Attorney-Bank Relationship

Law firms should establish a relationship with a banking partner they can trust – and it’s crucial to ensure the bank has a track record of successfully working within the legal industry. There are many advantages to a secure partnership between a law firm and bank, and following are five key areas that can benefit attorneys: 

Establishing a new practice: Whether an attorney is right out of law school or is an experienced lawyer branching out on their own, launching a business requires capital. It’s expensive to get a business up and running and a banking partner can open deposit accounts for new firms and help with items like securing letters of credit for office leases. 

Financing case expenses: Financing court cases can be challenging, and the process requires the legal team to have working capital available up front to pay for expenses such as expert witnesses, background research, and creation of courtroom exhibits. Generally, the costs and expenses needed to get a case to a resolution is a fraction of the payout, but cases can take time to resolve and having the right banking partner can help a firm finance its expenses and manage cash flow.  A firm with an established banking partner has the advantage of the bank’s trust and is therefore more likely to be successful with securing a loan.  

Managing trust accounts: It’s imperative that legal firms have a trustworthy partner to manage its trust accounts so they can focus on litigating and let their bank handle the finances. A firm’s banking partner should have expertise and experience handling trusts for law firms and their clients and be sensitive to the unique needs of these accounts. There are a lot of nuances to consider, as money paid out can have strings attached, such as if a minor is to be the recipient, or if an estate is involved. These cases need to be handled carefully and expertly, and the right banking partner will be equipped to do so. 

Securing financing for onboarding new partners: For many law firms, bringing on new partners is a strategic path for growing the firm and for expanding revenue opportunities. But adding partners to the roster can be complex and expensive. Working with your bank to find financial solutions for onboarding new senior team members is a creative way to pursue the firm’s plans for growth while keeping the financial needs of your new partners in mind.

Setting up corporate credit cards: A firm may opt to work with their bank to set up a corporate credit card to finance up front expenses. A typical card has a credit line of $100,000 and offers several advantages. Firms that use a credit card, such as the Signature Bank Corporate Credit Card, rather than paper checks significantly lower their chances of fraud – they eliminate the risk of mailing paper checks to experts, witnesses, and vendors. They also can have zero-liability fraud protection for unauthorized purchases, significantly reduce time for payment, and save on administration and processing costs. Furthermore, an online dashboard can provide a quick snapshot of spending patterns and status of payments.   

Find a banking partner you can trust

All law firms, but particularly those on the litigation side, should establish a relationship with a bank that has a proven track record specializing in handling the financial aspects of the legal industry. Getting a new firm up and running, financing case expenses, and managing trust accounts are all ways a banking partner can help. Does your firm have a trusted banking partner?

Signature Bank is Chicago’s business bank, focused exclusively on serving the needs of privately-owned businesses and their owners. Learn more at www.signaturebank.bank or contact Nate Dinger 312-386-6904.

As a business owner you are faced with numerous decisions each day that impact your bottom line, your employees and your clients. Whether you are just starting out, or you have an established mid-sized business, one of the most important choices you will make is the selection of a commercial banking partner that will help your business grow and mature. As you evaluate your options, think about what you value in a banking relationship. Are you seeking a true partner who can help guide your financial path? Is location important? What kinds of banking services are a priority for your business?

Following are three criteria to consider when choosing a banking partner.

1. A Relationship You Can Trust: One of the most valuable assets a commercial banking partner can offer is trust. You want a partner who will be by your side as a confidential advisor, laser-focused on helping you succeed. A benefit of a mid-size bank versus a larger bank can be one-on-one service and quick, personal responses from a live person rather than an automated system or offshore call center.  It’s important to look for a banker who pays attention to the day-to-day transactions of your business and who is available to talk with you regularly – someone who will call you with ideas or if they see an issue. For some businesses, the bank’s location is a priority for easy in-person meetings or simply because the bank has a unique familiarity with the market. When was the last time you spoke directly with your banker?

2. Knowledge of Your Business and Industry: A banking partner should not only be a financial expert, but also should be an expert on your industry. To provide reliable guidance that will help you achieve your business goals, your banker should deeply understand your business’ nuances, regulations, and best practices. Certain industries particularly benefit from having a partner with industry expertise, including law firms, professional service firms, manufacturing companies, technology firms, and insurance agencies among others.  A banker who knows your business and industry can respond quickly to your loan requests and provide you certainty of execution so you can focus on the big picture. How well does your commercial banker know your business?

3. Offerings Catered to Your Business Needs: Every business has a unique set of needs, and your vetting process should include an evaluation of how a bank’s products and services line up with your needs. Can services be customized or are they one size fits all? Perhaps your accounting department would find efficiencies by using file formats that work seamlessly with your bank – so you can reduce the times you need to create reports or research transaction items. Or maybe you need flexible deposit limits and lending thresholds. In today’s environment it’s also important to understand how potential banking partners help you prepare for and manage fraud risks, because if attempted fraud has not yet impacted your business, it likely will at some point. Is your business bank able to offer a breadth of services that fit your needs? Does it provide the best technology combined with personal service?

Whether you are choosing your first banking partner or contemplating a change, make a list of priorities you can measure against in your search. Take time to meet with several potential partners; ask hard questions; and look for someone you can trust with your assets who knows your industry and who offers the customized, hands-on service you deserve.

Looking for a banking partner? Signature Bank highly values customer relationships and can help you reach your business and personal financial goals. Signature Bank is Chicagoland’s business bank, focused exclusively on serving the needs of privately-owned businesses and their owners. Learn more at www.signaturebank.bank or contact Pete Olsen at polsen@signaturebank.bank or 773-467-5630.