Nick Kundnani on How Banks can Keep Treasurers' Trust
While investments from ordinary people may help keep a bank’s coffers full, any individual investments are bound to pale in comparison to the money that can come from a major corporation. Larger companies keep banks solvent and allow them to provide better service to all of their customers, but getting these sorts of contracts to require building a certain level of trust with corporate treasurers. Maintaining these kinds of deals require a deft hand and an understanding of the challenges treasurers face.
The difficulty when building a relationship with a corporation’s treasurer is that they typically wear two hats. It’s their job to make sure that their company’s operations remain on a steady keel and that there are no unexpected and unwanted surprises during the day-to-day, but they also have to chart a path for the company’s future growth.
That means that banks need to provide their clients with a certain level of security. While reputation and legacy can’t really be changed in the long term, you can improve your appeal to clients’ trust by ensuring a high level of data security and flexibility when working with them. It’s also important to display a level of business expertise, even if that means bolstering your operations with staff that possesses specific knowledge of your client’s industry. With specialists in place, you can prove that you understand the unique demands of your clients and be on the same page with them every step of the way.
Regardless of the resources, you have at your disposal, honesty is of the utmost importance. It’s an unfortunate truth that public trust in banking institutions has eroded in the past few years, and that’s why transparency is especially critical. That means clearly communicating the services you provide and building out human connections directly. While nearly 80% of customers rank a bank’s technology as one of the largest factors in finding a new banking provider, they also want to be able to attach a face to the person who handles their money. If a company is working with a banking institution, they’ll want to be able to connect a face to a name, and this is especially important when talking about high-value decisions like how to invest their money and what investment products to purchase.