One of the projects I am involved with has been trying to set up a traditional high street bank account since September and five months later, we are now £80 better off (Lloyds Bank credits your account with £40 credit for each “successful ” complaint), but still unable to use it… :
Not so long ago, you could walk into a branch of most banks in a nearby town; if you had a problem the counter staff could not resolve or a personal matter, they would be able to call upon a customer support colleague who could speak to you in an office. You left the branch knowing the matter would be dealt with if it had not already been resolved.
Ever since the banks have essentially shut up shop on the high street, we are forced to speak to them online, often waiting for our call to be answered and speaking with someone different each time. The level of service we now get depends on the training the call handler has had and their abiity to write clear and concise notes to our account.
Bank managers provide businesses with tailored financial advice based on their specific needs and goals. Whether a business is looking to expand, invest in new equipment, or manage cash flow effectively, a bank manager can recommend the most appropriate banking solutions, such as loans, lines of credit, or treasury services. Their expertise helps businesses make informed decisions and avoid common financial pitfalls.
A strong relationship with a bank manager can open doors to financial opportunities. Unlike automated systems, bank managers build a personal understanding of the business, which can be crucial during challenging times. For instance, if a business faces temporary financial difficulty, a bank manager can advocate for the business to secure favorable loan terms or extensions, helping it stay afloat.
Businesses operate in a complex financial environment with evolving regulations. Bank managers assist businesses in complying with these regulations, such as anti-money laundering laws and tax obligations. This support minimizes the risk of penalties and ensures that businesses operate within legal frameworks.
Whether a business is planning to enter new markets, open additional locations, or invest in innovation, they play a key role in facilitating growth; helping businesses secure the necessary funding, identify financial risks, and structure deals in a way that supports sustainable expansion.
Bank managers often have a good understanding of the local economy and industry trends. This knowledge can be particularly beneficial for small and medium-sized enterprises (SMEs) looking to establish themselves in specific regions or industries. Bank managers can connect businesses with local networks and provide insights that drive success.
During economic downturns or unexpected crises, businesses often face financial uncertainty. A bank manager can provide guidance on managing debts, restructuring finances, and leveraging government support programs. Their proactive assistance helps businesses navigate challenges with resilience.
A bank manager helps businesses prepare for the unexpected by encouraging sound financial planning. This includes setting up savings accounts, diversifying income streams, and maintaining credit lines for emergencies. With their guidance, businesses can build a financial safety net to weather challenges.
In today’s competitive and fast-changing business landscape, the role of a bank manager is more important than ever. Their expertise, personalized advice, and ability to provide tailored solutions make them indispensable partners for businesses of all sizes. By fostering strong relationships with bank managers, businesses can achieve greater financial stability, unlock growth opportunities, and confidently navigate the complexities of the financial world – this is vital for start ups in particular.
Away from your business, a bank manager can also help on personal matters: for example, when you’ve been working abroad and a mortgage lender won’t quote for you because you’re not on an electoral register, the bank manager can clearly see that you have been out of the country and earning and also have a job now you are back home.
Is this a new role that AI can undertake?
