The Situation: New Client’s Previous Bank Ignored Their Deposits
A business in the manufacturing and professional services industries put their banking opportunity out for bid and First Business Bank would have to upset the incumbent. However, our Treasury Management experts spotted an opportunity they come across all the time that would generate more revenue for the business without more work on their part.
- Most Banks Focus Only On Loans – Most banks neglect business deposits and spend their time bringing in business loans because loans are how they make the most money.
- Increased Fraud Risk – When banks neglect business deposits and don’t have a robust Treasury Management team, they also don’t alert businesses about the latest fraud prevention solutions for their deposit accounts.
- Missed Revenue Opportunities – Especially in a rising rate environment, letting too much in deposits just sit around doing nothing is a lost opportunity to generate revenue with no extra work or people required.
The Solution: First Business Bank’s Treasury Management Team
First Business Bank’s expert Treasury Management team, with decades of experience working with businesses and cash management, reviewed the banking opportunity and immediately saw the business had too much cash sitting in deposit accounts, doing nothing for them financially. While the loan side had driven the business to seek a new banking partner, it was ultimately First Business Bank’s Treasury Management team that impressed the client with their knowledge and suggestions. By implementing our recommendations, the client generated an extra $50,000 in one year from existing deposits.
- Experience & Education – First Business Bank’s Treasury Management team, among the largest for a bank our size, focuses their time on account analysis to help businesses improve efficiency, prevent fraud, improve reporting, and maximize revenue generation.
- Regular Checkups – At First Business Bank, we prioritize long-term relationships with clients, so they get more than just attention to their loans. Our Treasury Management team regularly alerts and educated clients about banking solution updates, meeting often to optimize cash management, fraud prevention, and other banking solutions.
- Efficiency – Aside from extra revenue, First Business Bank’s Treasury Management team also often helps businesses streamline its banking processes, freeing up employees to focus on other, more important tasks. Efficiency in a tight labor market that’s economically unstable is worth the investment.