Transforming business banking for the 21st century

Ten to twenty years ago the word “bank” elicited a certain image. Most people automatically thought of a retail banking location with a long line, lots of paperwork, and business bank account processing time that stretched into many months. Yet, those images are outdated. Modern banks, much like us, your favorite Salt Lake City community bank, have fast-tracked modern banking conveniences that were unheard of just a decade ago.

Today, consumers and business banking customers want a one-stop solution to cater to their on-the-go lifestyles and business operations. Boundaries between differentiated services have blurred. Businesses now expect banks to go beyond simple conventional banking needs to offer something more comprehensive and evolving. The question is, how are banks changing to meet the changing needs of their customer base? First, consider all things digital.

The Digital Age of Business Banking

Banks have shifted their focus. They are now more agile, nimble, and adaptive than ever before. They can now build on their offerings and leverage their customer base in new and innovative ways. Here at First Utah Bank, we realize that collaboration is key. We specialize in creating and participating in banking and financial ecosystems and marketplaces that benefit the businesses that bank with us. As a result, we can offer financial products across a variety of types and industries — perfect to suit our business banking customer needs.

Quite frankly, the pandemic contributed greatly to the imperative for banks to evolve how they do business. Lockdowns around the world pushed consumers and businesses to interact differently with their financial service providers. And banks and financial institutions have had to make big adjustments to accommodate this shift. Banks have addressed this need by establishing digital products and services at a breakneck pace.

Banks have been busy adopting agile methods at an institution-wide scale, digitizing not only their front-end operations but also internal processes and operations. This change covers everything from data capture to monetization. And it goes beyond creating a great mobile banking solution. Banks have now moved into offering products and services that go beyond financing. If a business is focused on sustainability, banks have gotten a lot better at offering green financing solutions. This is just one example of how financial institutions can cater their offerings to the needs and desires of the businesses that bank with them.

Building the Bank of the Future

Banks have already been in the midst of a big change. From a better mobile presence to paperless offerings and complex funding solutions, banks are adapting to the future. Yet, this new environment will require a transformational journey. Banks will need to create a succession of programs, products, and services to continuously meet their customers’ ever-changing needs. Digital renovation and refinement should transcend individual departments and permeate the entire organization.

This transformation will not only include mapping and adapting existing processes to accommodate digital banking, but business objectives also need to be realigned. When new processes and procedures are implemented to accommodate new digital services, banks will also need to realign their overall business objectives. If increasing the number of business banking or small business loans is the goal, new digital services should reflect the goal.

There are essentially four areas where future-proofed banks will need to focus on if they want to properly adapt to a changing financial marketplace. First, they need to focus on digital sales capture because a new account can come from anywhere. They will also need to adopt a digital migration and digital offerings. They need to take an omnichannel approach to the business banking and loan services they offer local businesses in the Salt Lake City and Lehi area. Finally, they need to embrace the digital experience and upgrade their customer experience channels.

First Utah Bank is Ready for the Digital Age

Here at First Utah Bank, we’re proud to offer digital banking and loan services for businesses of all sizes. We’ve definitely embraced the future and prepared ourselves for an era of digital disruption. Industry convergence opens the door to new ways of doing business, and we’re ready.

Are you a Utah-based business looking for business banking and loan services from a bank that knows how to operate in the 21st century? Then look no further than your favorite community bank, First Utah Bank. We’re proud to offer local businesses checking, saving, debit cards, credit cards, lending and merchant services.

Simply peruse our website and find the right business banking solution for you. Then feel free to stop into any one of our seven Utah locations and speak with a banker about your needs. We can’t wait to help you meet and exceed your business goals in 2022 and beyond!