Fear of Change: Surviving the Bank Switchover

Does the idea of changing your banking relationship bring chills down your spine? Have you dreaded a conversation or a request for lunch because a banker from another financial institution has requested to meet with you or ask you to join them for lunch? Are you thinking, they just don’t understand how difficult- not to mention stressful- it is to move all of my accounts, drafts that are automatically set up, and changing the payroll setup for all of my employees. In your mind, to unravel all that you have established in your banking relationship would be like starting a new job, planning a wedding, moving to a new house or maybe even the most dreadful… building a new house.

I will be the first to admit to you that change and fear of the unknown is hard for me. In Cash/Treasury Management, I have the opportunity to work daily with new clients that are in the midst of making these changes with their banking relationships. A few suggestions that I have when you are looking to make a change in your banking or Cash/Treasury relationship are:

  • Analyze the potential financial institution to see if they are known for building relationships with their customers. For instance, are they known more in the community for building relationships or being the biggest bank on the block? You want to work with a bank that, even if mistakes happen, they will make it right.
  • Ask the potential financial institution to walk you through the process of switching everything over. This is particularly important in moving your Cash/Treasury services when it comes to direct deposit of payroll. Employees will get a little upset if they don’t receive their payroll on time.
  • Does the financial institution have “product experts” and support staff that can hold your hand through the process of change, as well as for the future? Nothing helps more than to work with people that know what they are talking about and can offer solutions to where you want your business to be in 5 or 10 years.
  • Do you see the institution as one that will progress with you? Our world is constantly changing and progressing in technology. You want a bank that is on the cutting edge... maybe not necessarily on the "bleeding edge."

Let’s be honest, there is definitely a time and a feeling you get when you know it is time for change. It may be because you haven’t received the customer service that you feel that you deserve, or you like what the potential financial institution has to say about the opportunities it offers. Don’t let fear be the reason to not make a change that could make all the difference for the future of your business.