Issue link: https://nebusinessmedia.uberflip.com/i/1541563
Deeper bank relationships can elevate small businesses—and innovators This article is designed to provide general information only. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and are subject to change. ©2025 KeyCorp. All rights reserved. CFMA #250521-3232428 Most small business owners and many innovators are chief everything officers. Even when outsourcing or hiring to fill needs, their hands run deep in operations, finance, marketing, technology, and sales. Consequently, some meaningful relationships go underdeveloped—including the important relationship between business and bank. It's not that business owners don't value their bank. Most do. Rather, for time-crunched owner-operators and creators, the relationship is transactional. The bank is home to their accounts and the place to deposit and withdraw money. It's where they turn to access capital and loans. For some, the bank is even a resource for managing cash flow. Yet for many, the bank—and by extension their banker—is not a trusted business advisor. It should be. Conversations lead to more targeted solutions At the close of 2024, there were nearly 4,000 FDIC-insured banks in the U.S. Most offer a range of similar solutions. Even rates and terms tend not to vary dramatically. So, what differentiates one bank from another? What makes a bank feel more than simply a checking or savings account? The answer is simple. It is the relationship. It is a banker understanding the specific demands of a business and being able to provide much-needed advice and a tailored solution to a unique problem to achieve a specific outcome to help the business run better. Specifically, business bankers are equipped with a level of financial expertise and experience most business owners—who wear many hats and are experts in their trade—do not. From a knowledge of products that may improve efficiency and profitability to experience helping address a host of financial challenges, business bankers can offer advice and expertise that small business owners neither have themselves nor can easily access. Examples include payments and receivables, invoicing, liquidity management, process automation, and fraud protection. Business bankers are also well versed in cash flow management—the lifeline of every successful enterprise. The challenge is that financial operations is a bridge typically By: Allison Standish Plimpton Business Banking Sales Leader, KeyBank not crossed together. And this is a mistake, for the business…and the bank. In fact, the shift to a more consulta- tive approach to business banking falls more on the bank than the business. Banks thrive when their clients thrive. Helping business owners understand how the money flows through their operation and where there may be opportunities to benefit from managing their collection and payable processes differently creates opportunities for all. Of course, this starts with conversations and building a relationship. Transforming the relationship between business and bank Banks realize differentiation is about more than the products and solutions they offer. Differentiation is about changing the relationship from transactional to consultative. KeyBank, for example, has launched a Certified Cash Flow Advisor Program. The program empowers business owners to navigate their financial operations by providing them with a highly trained advisor who can work with them holistically across the business to help reduce friction, improve efficiency, and identify and act on opportunities for growth and innova- tion. This advice-driven approach goes beyond traditional banking and offers strategic insights that help owner-operators make informed decisions towards their financial goals. It puts business owners and innovation first and bank-based, product-driven solutions second. This is as it should be. If business owners view their banks only through the lens of product catalogs to navigate and choose from, banking is just another ball to juggle and hat to wear. As the backbone of our economy, small businesses need and deserve more. They deserve collaboration and a relationship that opens doors and fosters innovation. About the Author: Allison Standish Plimpton is Business Banking Sales Leader for KeyBank's Connecticut and Western Massachusetts Market. She can be reached at allison_standish_plimpton@keybank.com