Is The Customer Relationship With The Bank or The Banker?
by John Slaid
The banking industry is rapidly evolving. With the ever-changing landscape, do you think customers believe their relationship is with the bank or the banker?
From my experience, I believe the relationship is two-fold. The bank provides a vast amount of financial resources for the customer. The relationship between the banker connects customers to those essential resources to start and grow your business. The lender is on the front line in discussions with you and your business. There is no one in your banking universe that better understands the strengths of your business, the challenges within your industry and your ability to navigate through those tough times than your banker. When a lender looks at the 5 Cs of credit, which are character, capacity, capital, collateral, and conditions, one which has always stood out to me is character. Your bank and your banker have established a long-standing relationship with you and when it comes to running your business, you want to work with people and institutions you trust.
What is the best way to start building a relationship with your bank and your banker? What are the first steps?
The first step is to understand if the banker shares core values with you and your business. If you share core values, there is common ground for establishing a relationship. A relationship with your bank is a partnership. Secondly, it is important to understand that a banking relationship is a partnership.
Consolidating your personal and small business needs not only establishes a track-record with your bank, but it’s a convenient option for you as a customer to manage all of your financial needs in one place.
Answers provided by John Slaid, Senior Vice President, Commercial Lending at Simmons Bank. He can be reached at 314-854-4514 or
john.slaid@simmonsbank.com. The views in this article are those of John Slaid individually and do not reflect those of Simmons Bank.