Talking to your banker is an important part of keeping track of your money and growing your business. Being able to talk to your banker at any time helps build trust and get the most out of your relationship with them. However bankers are busy professionals who value clear concise interactions. Use these tips to talk to your banker clearly and build a strong relationship with them.
Be Proactive in Initiating Communication
Don’t wait for your banker to reach out. Take the initiative to schedule regular meetings and touchpoints to discuss your financial needs. Quarterly or biannual reviews are a good rule of thumb. Provide them with your updated financial statements in advance to maximize meeting time.
Know Your Banker’s Communication Preferences
Not all bankers like email; some like to talk on the phone or meet in person. Find out how they like to be contacted and try to follow their lead when you can. However, don’t rely solely on their preferred channel. Occasional phone calls or in-person meetings can strengthen the relationship.
Keep Communication Clear and Concise
Bankers have many clients and little time. Be direct in your communication. Prepare an agenda ahead of meetings to stay focused. Summarize key points in emails. Provide only relevant details. Being organized shows you value their time.
Communicate Changes Promptly
Inform your banker right away about major business or financial changes – a new investor, a large contract, cash flow issues, etc. Don’t wait until your next scheduled meeting. Timely communication gives them context and allows them to better serve you.
Share Your Business Plans and Financial Projections
Your banker needs visibility into your business operations and goals. Share your business plans, budgets, forecasts, and projections. Explain your expansion goals, capital expenditure needs, and growth strategies. Help them fully understand your finances.
Listen Actively and Ask Questions
Communication is a two-way street. Listen attentively to your banker’s advice and perspectives. Ask clarifying questions. Make sure you understand their explanations and guidance. Develop an open and conversational rapport.
Provide Sufficient but Concise Details
When providing information, ensure you give sufficient detail for context, but avoid unnecessary minutiae. For example, when explaining capital needs, include your growth plan and financial projections – but skip trivial day-to-day details.
Use a Professional But Friendly Tone
While bankers expect formality, you can still be personable. Be polite and use the right words, but don’t be afraid to ask about their weekend or make a joke when it’s appropriate. Finding the right balance builds rapport.
Respect Your Banker’s Time and Expertise
Be mindful that bankers work with many clients and have specialized financial knowledge. Keep meetings and calls focused. Avoid taking up time with issues you can resolve yourself or questions that can be addressed by other resources.
Maintain Transparency Regarding Any Issues
If you are struggling with cash flow, experiencing decreases in revenue, or facing other issues – your banker needs to know. Don’t conceal problems. Being transparent allows them to help you before situations worsen.
Provide Regular Business Updates
Don’t just communicate when you need something. Provide quarterly or biannual updates on how your business is performing, even when everything is stable. This gives your banker greater context about your finances and operations.
Have an Agenda for Meetings and Calls
Make sure every meeting and call has a clear purpose. Plan ahead to make sure you talk about the most important things and use your banker’s time well. Share the agenda ahead when possible so they can prepare.
Follow Up Promptly After Meetings
Send a quick email thanking your banker for their time and summarizing any agreed next steps. This keeps you both on the same page. Prompt follow-up also demonstrates professionalism and reliability.
Connect In Person When Appropriate
While calls and emails are efficient, meeting face-to-face periodically is valuable. In-person meetings help you establish a deeper connection with your banker, allowing you to better understand each other.
Be Responsive to Your Banker’s Outreach
Just as you want prompt responses, your banker expects timely replies when they contact you. Return calls and emails quickly, especially requests for additional information. Show the same respect you expect.
Avoid Banker Jargon and Explain Terminology
Don’t assume your banker is fluent in your industry’s terminology. Avoid overusing jargon and technical terms. Take the time to explain concepts or provide context when necessary to ensure mutual understanding.
Bring Solutions, Not Just Problems
When discussing issues with your banker, also propose potential solutions. Outline options you have explored and your recommended approach. This instills confidence that you are proactively addressing challenges.
Provide Warning About Potential Issues
Don’t wait until the last minute to inform your banker if you think you may miss a payment, exceed a credit limit, bounce a check, or encounter another issue. Give them warning so they can advise you and take preventive action.
Express Appreciation for Their Assistance
Take time periodically to thank your banker when they provide good guidance and service. Send a handwritten note or take them to lunch. Recognize that you value the relationship and their support.
Maintain Ongoing Dialogue, Not Just Transactional Interactions
Treat your banker as a partner, not just a vendor. Have frequent, substantive discussions, not just transactional interactions when you need something. This fosters a deeper relationship and better service.
Adjust Communication Style If Needed
Pay attention to your banker’s cues. If they seem confused, slow down and clarify details. If they need more context, provide helpful background. Adapt your style to ensure effective two-way communication.
Strong banker relationships require ongoing, two-way communication centered around transparency, respect and value for the other’s time. Following these tips will help you communicate effectively with your banker and develop a partnership that supports your financial needs and fuels your business growth.
Avoid negative body language
Improving verbal communication is often easier than fixing negative body language. That is why you should emphasize the latter to your employees. Body-language habits to address include:
- Eye contact – Strong eye contact can establish trust and respect.
- Proper posture – Slouching can make your employees seem uninterested in your customers, while standing up straight has the opposite effect.
- Crossed arms – Crossed arms are often a signal of defensiveness. You want your bank to be warm and inviting.
- Checking the time – Whether needed or not, employees should refrain from clock-watching while working with customers.
In many cases, body language can say more than words ever could. A problem one of your employees is dealing with in their personal time can cross over into the professional sphere, and this can have a negative impact on the customer relationship – intentional or not.
Customer and Banker Conversation in Bank animated video by Prime Time #5
FAQ
What is banking communication?
It encompasses all forms of verbal and written communication used by banking professionals to interact with clients, team members, and external stakeholders. Effective banking communication ensures the accurate and timely flow of information, enhances customer experience and supports internal coordination to drive operational success.
What is effective communication in banking?
Effective communication in banking is not just about conveying information—it’s about building trust, delivering clarity, and fostering strong relationships with clients and colleagues.
What is internal banking communication?
Internal Banking Communication: When different teams and departments at a bank share information, messages, and documents with each other, this is called internal banking communication. It involves communication between employees, departments, and management to ensure smooth operations and collaborations.
What are banking communication techniques?
Communication methods in banking are always growing. They started out with face-to-face meetings and have since grown to include online banking, mobile apps, email, and great customer service during the digital revolution. Every technique has a purpose and serves a range of consumer demands and preferences.
Why is communication important for bankers?
Here’s why it matters: Builds Trust: Clear and transparent communication fosters trust between bankers and clients, which is essential for long-term relationships. Reduces Errors: Precision in communication ensures critical details are conveyed accurately, reducing costly mistakes.
How do banks communicate with customers?
Maintaining Consistency Across Channels: Customers can talk to banks through many ways, such as calling, emailing, websites, mobile apps, and even social media. Ensuring that messaging and information remain consistent across these platforms is a significant challenge.
How to build a relationship with a banker?
- Communicate regularly. The first step in strengthening any relationship is regular communication. …
- Move beyond small talk. Make discussions with your banker valuable. …
- Be honest. …
- Apply early for loans. …
- Share goals. …
- Give a tour. …
- Build a track record.
What are two ways customers can contact and interact with their bank?
- Web & mobile banking.
- Conversational banking.
- Digital onboarding & loan origination.
- Admin portal.
- Fraud prevention.
How do I talk to a customer at a bank?
- Eye contact – Strong eye contact can establish trust and respect.
- Proper posture – Slouching can make your employees seem uninterested in your customers, while standing up straight has the opposite effect.
- Crossed arms – Crossed arms are often a signal of defensiveness.
What are 5 ways banks communicate with customers?
- Went into a branch and spoke with a teller at 71%
- Thought an ATM at 61%
- Accessed a mobile banking app using a smartphone at 46%
- Accessing a FI’s website using a mobile device at 41%
- When into branch and spoke with customer service rep at 41%