Business accounts tend to be profitable, so many financial institutions actively prospect for them.
Here’s what one bank is doing to help startup businesses that not only benefits the entrepreneurs, but will likely increase account openings for the bank. The bank’s idea is like something you’d expect from the entrepreneurs it intends to help.
Downtown Lincoln, Nebraska, is immersed in a building boom. An entire section of the city, the Haymarket district, surrounding the newly-opened events arena is flush with building projects. Dozens of new businesses are opening there.
One of the buildings scheduled to open in the Fall is “Catalyst,” the invention of Union Bank & Trust, a Nebraska-based financial institution.
UB&T rendering of building. August 16 issue of Lincoln Journal Star.
The bank-owned Catalyst building is described as a place where small business owners and business people with new ideas can gather for networking, planning, and meetings. Both business customers and business prospects can use the bank’s technology-equipped meeting rooms.
The bank created a new staff position, Catalyst Business Banking Advocate, for the office. Employees will help businessmen wind their way through the maze of paperwork and other obstacles that confront small businesses and startups.
Before you think, “Nice story,” and go off to your projects, stop and imagine what a similar “Catalyst” suite of services could mean for your bank or credit union.
Small business owners and entrepreneurs are encouraged to come to your office for advice, meetings and networking activities. Your staff helps them through the minefield of regulations and red tape. They develop a reliance on and business friendships with your staff and your organization. When they need loans, credit lines, and other business and personal accounts, your financial institution is top-of-mind.
As many of the businesses become successful and grow, they need additional banking services and accounts. Your financial institution has an opportunity for more banking business.
While the Catalyst idea won’t work in every community, it’s an idea to take to your executives for consideration. It could spark other ideas for business community/banking community relationships.
Projects like these can increase your financial institution’s influence in the business community as your organization develops a reputation as the business-friendly banking center.
About Joe Swatek: As Senior Copywriter for ACTON Marketing, Joe focuses on direct marketing copy, but he also writes promotional materials for media like newspapers, magazines, and websites. He contributed copy to projects that won Gold and Silver awards from the American Advertising Federation of Lincoln, and a Citation of Excellence from the Omaha Federation of Advertising. Joe joined ACTON Marketing in 1993, after more than a decade of writing promotional materials for all types of media for a major insurance company. He’s the author of a biographical book and has written numerous magazine articles for a variety of publications. He was president of Ameritas Employees Credit Union for five years and then served as the Supervisory Committee chairman for six years.
Here’s a newspaper story with more information about Union Bank’s Catalyst project.
Originally posted on Financial Marketing Insights: http://actonfs.com/blog/?p=5432