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Is Your Bank the Right Fit for Your Business? 5 Essential Questions to Consider

Featuring: Nick Place, Chief Banking Officer

Having the right banking partner can significantly impact your business’s success. But how do you know if your bank truly understands your needs and is equipped to meet them? Leveraging his 18+ years of banking experience, Chief Banking Officer Nick Place recommends considering these 5 key questions to ensure your bank is truly a partner in success, positioned to help you navigate challenges and achieve your goals:

1. Does Your Bank Support Strategic Decision Making?

Your bank should be more than just a service provider—it should be a dedicated partner that understands the local market and the unique challenges you face. A knowledgeable, local banker’s insights into market trends, industry conditions, and best practices go a long way in supporting your decision-making.

“Part of our role is to be a strategic ally to our clients,” says Place. By listening carefully to your goals and leveraging their expertise, a good banking partner can offer practical, effective solutions that drive your business forward.

2. Does Your Bank Help You Manage Financial Risk?

Effective risk management is essential for any business. Your bank should help protect against everyday threats like fraud and cybersecurity threats by proactively monitoring transactions and alerting you to suspicious activity, “I want my clients to expect to hear from us, especially concerning large transactions or wire activity.” says Place.

Additionally, your banking partner can be a reliable source of information during periods of economic uncertainty. Place notes, “We want our clients to call us and know we are here for them” when they have questions about risks and how current events might impact their business.

3. Does Your Bank Offer Solutions to Streamline Your Business?

Your bank should offer counsel on products, services, and solutions that improve your business operations and create efficiencies that drive you forward. “Part of our job is being aware of what the client needs,” says Place. This can range from automating payments to offering treasury management solutions—things that free up your time to focus on what matters most to your business.

Which solutions does your bank provide to improve your business’s efficiency and cash flow? After all, a banker’s ability to match the right tools to your needs can make a sizeable difference in how smoothly your business runs.

4. Does Your Bank Help You Expand Your Network?

Since banks typically have an extensive network within the business community, they can be an invaluable source of connections that bolster your business growth. Whether through introductions to potential partners, clients, or service providers, ask your banker if they can facilitate beneficial business connections.

Salazar notes, “We can make a connection for them in a safe space,” allowing clients to discover new opportunities and grow their network. “At Bridgewater Bank, we host regular networking events to help clients meet and collaborate,” Place adds.

5. Does Your Bank Tailor Solutions to Your Business Needs?

Every business is unique, and your bank should understand that. Does your bank customize their approach to suit your specific needs? A great banking partner will take the time to understand your business’s goals, challenges, and opportunities and craft solutions that are designed specifically for you.

When meeting with your banker, make sure they are truly listening and taking the time to understand your unique situation. “We don’t want to drive the conversation. We want the client to drive it,” Place explains, emphasizing the bank’s role as one of a collaborative partner rather than a prescriptive advisor.

As a business owner, having the right banking partner by your side can make all the difference. By asking these five questions, you can ensure that your bank is positioned to be a strategic partner—one that supports your business with deep local knowledge, practical tools, and meaningful connections.

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