We’ll rock your socks off. capital As a top Certified Development Company and Lender Service Provider, we help our banking partners succeed at SBA 504 and 7(a) lending. bsidecapital.org/co-lenders | 303.657.0010 Check out our library of SBA tools and resources in our Lender Portal. “B:Side Capital allows us to assist business owners through the SBA process with great rates, lower down payments, and an expedited process.” Extend the Focus to Small Business It’s crucial to remember that when a banking institution is trying to draw and keep the most deposit amounts, business accounts frequently have more significant balances than retail customers and members. Since there is a good likelihood that some of these retail depositors run small companies or participate in the “gig economy,” banks should examine the portfolios of these customers, as some will probably have mom-and-pop businesses or “side hustles.” Additionally, banks must assess their lending partnerships for potential deposit offerings. Deposit accounts can also be produced by designing specific business accounts with important demographics in mind, focusing on features, prices, rewards, and more. Numerous prosperous small enterprises will expand into midsize corporations with even larger balance sheets. Train the Customer-Facing Staff The finest brand ambassadors are frontline employees, so they must receive the correct training — this includes developing active listening skills to identify opportunities quickly, ask the right questions and reply with pertinent, customized offers. Many banks’ frontline staff likely have never been in this type of banking environment, so they must be partnered with seasoned team members for adequate training. Employees also need a response plan for those moments when there is uncertainty. Clear communication can go a long way toward maintaining confidence among the depositor base. The capacity of banks to hold onto and even increase deposits will be a differentiator as balances are under pressure, especially when demand for loans recovers. Banks should be comfortable knowing that securing inexpensive deposits will help them avoid margin pressure. Bob Koehler is Chief Innovation Officer at SRM (Strategic Resource Management) based in Memphis, TN. Bob brings over two decades of hands-on experience in project management and consulting for vendor sourcing for community banks. His skill set spans portfolio growth strategies, card networks, ATM/EFT processing, and branch operations. He also oversees the SRM Account Boost data-driven marketing solution and drives high-value technology partnerships at SRM. To learn more about SRM’s expertise in deposit origination, vendor sourcing, and beyond, contact Colorado representative Phillip Foster at pfoster@srmcorp.com or 303-588-1484. 25 Colorado Banker
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