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.
