5 Benefits of Relationship Banking

As an entrepreneur who has attended many small business workshops, d’Andra Cahill has long heard about the importance of having a relationship with a banker.

“I honestly thought that was an antiquated idea since banking has become more automated,” said Cahill, owner of Dog Retreat Center. 

But when the COVID-19 outbreak began to impact the business, Cahill was grateful for the proactive efforts taken by her Zions Bank relationship manager.

“When the Paycheck Protection Program was first announced, there was confusion, and she proactively emailed us to let us know what we needed, what to expect, and how to apply,” explained Cahill. 

With the banker’s help, Dog Retreat Center was approved for a PPP loan in the first round of funding, and four years later, Cahill is looking to expand the business to a second location.

This is just one example of how a relationship banker provides value. Despite advances in technology, automation cannot replace the benefits of a human connection.

Here are five benefits of starting a relationship with a Zions Bank banker today.  

Relationship banking benefit #1: Obtain long-term planning and support for your business

Meeting with your banker regularly can help you develop strategies to grow your business and hit your financial targets. By regularly analyzing your assets, balance sheets, cash flow, receivables and payables, your banker can make recommendations to optimize your finances — which could make or break your business during an economic downturn.  

Relationship banking benefit #2: Better loan and finance opportunities

Applying for loans can be a challenging process, but your odds go up through having a relationship manager. Your banker can help you put together a robust loan application and can vouch for you during the loan process.

Additionally, your banker can help you identify ways to leverage relationship-based pricing. Depending on the size of your overall relationship with your bank, you might be able to obtain benefits such as higher interest on saving accounts and improved pricing.

Relationship banking benefit #3: Obtain a higher level of customer service

Having a relationship manager provides you with a single point of contact for your bank, which saves you time and streamlines your banking relationship. For example, if your business grows and you need help automating your cash flow and defending against fraud, your banker can put you in touch with someone from Treasury Management to discuss options.

Relationship banking benefit #4: Gain a seasoned advocate for your business

Because your banker is familiar with your financial situation, they can serve as your advocate when communicating your situation to bank management and underwriters. Having your banker in your corner could make it easier to get loans, lines of credit and other deals approved, especially if you own a new business with limited credit history. 

Bankers also take pride in their client relationships and often look for opportunities, such as speaking engagements or referrals, to help promote your business.

Relationship banking benefit #5: Acquire a source of new business contacts

Bankers are typically well connected and interact with a wide variety of professionals. Leveraging their broad network can help you find prospective vendors and clients. If you’re looking for new business opportunities, you can trust your banker to have your back. 

Invest in a Banking Relationship Manager

These are only a few reasons that show how the best bankers put their clients first. To learn more about how a banking relationship manager can help you achieve your financial goals, contact your local Zions Bank branch.