Hartford Business Journal

www.HartfordBusiness.com • June 1, 2020 • Hartford Business Journal 7 Stacey Uccello Senior Vice President, Director of Cash Management S uccumbing to increased fees while being sub- ject to sub-par service year-after-year would seem to represent an unacceptable cycle. Yet many businesses routinely acquiesce when it comes to Cash Management services, thinking that switching providers is just too complicated. That's exactly what your current Cash Management service provider is "banking on". It may be time to reevaluate your banking relationship and here are a few things to consider: Does Size Matter? While many businesses may think you need a larger bank for more sophisticated services, that isn't neces- sarily the case. Most community banks in CT o€ er a full suite of cash management products and services to aid in cash fl ow manage- ment. Not to mention all of the intangible benefi ts such as localized decision making and their ability to respond with greater agil- ity to customers' requests than larger banks due to their local orientation, knowledge of your business, sector-specifi c awareness, and dedication to the com- munity. In fact, most community banks have well-es- tablished commercial lending and cash management platforms, sta€ ed by experienced professionals with big-bank experience, but who prefer the community bank customer service and work environment a com- munity bank o€ ers. Location only Matters in Real Estate! Look beyond the traditional brick and mortar loca- tion. In years past, businesses and consumers alike would align only with a bank having a nearby physi- cal presence. With all of the conveniences a€ orded by electronic banking there is little to no need to enter a bank building, as has been reinforced by virtue of ongoing "distancing" restrictions. This "need" is more perception than reality. Beyond the Term Sheet It's easy to see why businesses might focus on their lending needs when it comes to choosing their bank. Interestingly, the part of their business that occupies the majority of their time is most often the manage- ment of their cash through the accounts payable and receivable process. So why is it that businesses do not place a greater emphasis on their cash management banking needs over that of their borrowing needs? Taking into account your unique business objectives, pick a bank that o€ ers products that will streamline routine tasks, leaving you with more time for strate- gic thinking. Whether it be eliminating daily trips to the bank by implementing remote deposit capture, a reduction in checks issued through the use of ACH for electronic payments, or even by protecting your business' most valuable asset, your cash, through the use of fraud protection services like Positive Pay. It is important to work with a bank that can provide the advice and tools you need to improve cash fl ow man- agement, help prevent fraud, reduce costs, and maxi- mize the productivity of your sta€ . When evaluating costs, be sure you understand the full picture. Is your bank o€ ering a la carte services or bundled pricing and solutions? Another important fac- tor is the value placed on your deposits, specifi cally those in your checking account. Community banks tend to have materially lower overall cost structure and above market earnings credit and interest rates whereas national banks whose cost structure is con- siderably higher tend to be less competitive. Partnership — The Fabric of our Relationship Let's remember that great products and pricing are only part of the equation. You will fi nd that many banks of- fer the same products, but the key di€ erentiator is the service. Is your bank there for you when you need them most? A rainy day relationship manager is more impor- tant than a fair weather one. This was most certainly another revelation and challenge many were faced with amidst the onset of the Coronavirus. More specifi cally businesses ability to get their bankers to respond when trying to apply for relief loans or make changes to their cash management arrangement to enable them to work remotely. Local relationship management and a genuine partnership with your bank is as critical to the success of your business as your key employees. Stacey Uccello serves as Senior Vice President, Director of Cash Management at Ion Bank and leads their team of Cash Management Specialists who serve valued customers throughout Connecticut to help them increase their profi tability by collecting receivables, disbursing funds and investing cash more e• ciently and cost e• ectively.• Ion Bank is a leading provider of fi nancial business products and services you need to achieve your fi nancial goals, and are committed to building lifetime relationships and providing friendly, personalized service to every customer, every day. Ms. Uccello is located at Ion Bank's 4 Main Street, Farmington o• ce and can be reached at 860.773.3659 or•succello@ionbank.com. TM When Size Matters The Benefi ts of Banking with a Community Bank SPONSORED CONTENT

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