What should you look for in a Salt Lake City-based business bank?

Here at First Utah Bank, we’re proud to offer comprehensive business banking services for small and medium-sized businesses in Salt Lake and Utah County. Yet, with so many new businesses taking advantage of government funds, many may be wondering where they should put their money.

There are specific considerations:

• Small businesses rely on financial institutions to ensure they have the cash flow required to pay bills, remit salaries, and ensure core business services are completed.
• We live in the online age. Business banking customers in Utah want to access as many services online as they possibly can.
• Personalized customer service is more important than ever before. People want to feel like they’re being heard.

Now, let’s take a deeper dive into how these factors are important. We have written this blog post specifically for small business owners who are having trouble figuring out which bank they want to choose to support their needs.

Rethinking industry standards

When it comes to business banking services in Salt Lake City and beyond, we know you have lots of options. That’s why we work hard to meet your needs. When asked what businesses want in a financial services company, business owners consistently say they want ease of use and business-friendly policies.

If we were to dig a little deeper, others say they want an improved omnichannel experience, enhanced customer service, and better tools to create more customized financial outcomes. Real-time content and customized answers from personal bankers go a long way in ensuring small business owners feel like they’re not just a number.

What’s the takeaway here? Business owners look for low fees, good rates and ease of use when selecting a bank. They also want more customizable options and advice on making everyday banking easier for them. They want to achieve their financial goals and expect the business bank they work with to help them reach those goals. Obviously, this should not be a tough ask for a reputable bank that focuses on customer service. Here at First Utah Bank, we make these factors a priority for our business banking clients, day-in and day-out.

For instance, there are several different types of business financing a company might need:

• Business loans
• Cash advance against credit card income
• Loan for equipment purchase
• Equipment lease
• Commercial mortgage loan

The business bank you partner with must be able to provide you with the business loans and services you need.

Online banking as the future

A recent study found that27% of business owners use the same bank for their personal banking as they do for their business needs. This may sound like brand loyalty abounds, but many still shop around for their business banking needs, regardless of where their personal money is parked.

But it’s in the context of personal banking where relationships are built. That’s why, here at First Utah Bank, we’re proud to offer both personal and business banking services to clients all over Utah. And we know the importance of being able to offer these services in the online realm.

Although many business owners visit a physical brand to open a new business banking account (such as our new branch in Lehi, Utah), when it comes to getting things done, they want to know they have complete access through a comprehensive online banking portal. Most would rather open an account online, transfer money online and do everything else they need with a simple click of a button or mouse.

Consider your needs

Before you set out researching your business banking options, it is important to write down your goals. What do you want your company to achieve? And how can your bank help you achieve it? Consider your overall business goals and the different ways your financial institution will help you meet those goals. You may need the following service types:

• Business checking
• Business savings
• Good interest rates
• Available lines of credit
• Debit card access
• Online bill-pay options
• Employee accounts and cards
• Options for ACHP payments
• Wire transfer options
• Certified checks
• Loans

You also want to consider the location of your business banking partner. If you’re in Salt Lake City, Lehi, or the surrounding areas, consider choosing a bank you can get to quickly if need be. A personalized banker close to you might make all the difference in the type of desired customer service.

And finally, consider the size of the bank. Here at First Utah Bank, we’re proud to be Utah’s community bank. Smaller, local banks like us offer a level of service the big behemoths simply cannot. Even better, we can offer you the same wide range of business banking services, but with the touch of a smaller institution, personalized to provide services according to your company’s needs.

If you’re a Utah-based business looking for a banking solution that fits your needs, call us here at First Utah Bank at (801) 308-2265today!