You want to bank with an institution that shares your vision, values, and goals. But how do you find and connect with such a bank? And how do you maintain a strong and mutually beneficial relationship with them? Here are some tips to help you build relationships with banks that align with your values.
Before you start looking for a bank, you need to know what matters to you. What are your financial, social, and environmental priorities? How do you want your money to be used and invested? What kind of impact do you want to make with your banking choices? Write down your values and use them as a guide to evaluate potential banks.
Once you have a clear idea of your values, you can start researching banks that match them. Look for banks that have a mission, vision, and culture that resonate with you. Check their websites, social media, annual reports, and customer reviews. See how they support their communities, employees, and customers. Compare their products, services, fees, and rates. Narrow down your options to a few banks that meet your criteria.
After you have selected a few banks that interest you, you can reach out and communicate with them. You can visit their branches, call their customer service, or send them an email. Introduce yourself, explain your values and goals, and ask questions. Be respectful, courteous, and honest. Listen to their responses and see how they align with your expectations. You can also ask for referrals from existing customers or partners who share your values.
Once you have established a connection with a bank that aligns with your values, you can start building trust and loyalty. You can do this by opening an account, using their services, referring others, and giving feedback. You can also stay in touch with your bank representatives, attend their events, and join their networks. Show appreciation, recognition, and support for their work and initiatives. You can also share your challenges, opportunities, and ideas with them and seek their advice.
It's well-known that businesses (& consumers for that matter) stay with their banks, on average, for 10+ years. For this reason, it's so important to play the "long game" when working on the financial goals of a business - and here's what that means. Getting a foot in the door with a checking account is where most relationships begin, but being able to understand the long-term goals and needs of a business & then articulate a growth plan back to the owner(s) will make you an indispensable piece of the business. Asking open-ended questions about their challenges, growth plans, hiring, new locations, exit strategies, keep the conversation about THEM. This is where the trust & loyalty is built, and where opportunities will come from.
Building relationships with banks that align with your values is not a one-time event. It is an ongoing process that requires evaluation and improvement. You need to monitor your banking experience, track your results, and assess your satisfaction. You also need to keep up with the changes in the banking industry, your values, and your goals. You can use surveys, reviews, reports, and feedback tools to measure your performance and satisfaction. You can also communicate with your bank regularly and discuss any issues, concerns, or suggestions.
By following these tips, you can build relationships with banks that align with your values. You can enjoy the benefits of banking with an institution that supports your vision, values, and goals. You can also contribute to the positive impact of banking on society and the environment.
To build relationships with banks aligning with my values as a relationship manager, I focus on understanding their corporate ethos and social responsibility initiatives. I leverage my banking experience to identify synergies, emphasizing ethical practices and community engagement. This approach allows me to forge connections based on shared values, fostering long-term partnerships that extend beyond financial transactions.