Instead of calling to check an account balance or to find out if a check has cleared, time-starved executives are finding it easier to focus on sales and profits — through technology.
Online banking customers are the most engaged because they’re using all available channels and tools to drive efficiencies and profits, says Jan Hoyt, senior vice president of business banking product management for PNC Financial Services Group Inc.
“They’re managing cash flow by depositing checks from their smartphones and using electronic invoicing and bill pay to control the inflow and outflow of funds with a few clicks of a mouse from anywhere on the planet,” Hoyt says. “In turn, we’re able to discuss forecasting tools, global expansion or e-commerce solutions instead of routine banking transactions.”
For example, online statements allow business owners to review and print account statements on demand while the bank handles storage and security.
“Business owners can balance their accounts more quickly and can control who has access to their statements just by requesting online statements,” Hoyt says. “And since we archive statements for seven years, it reduces the need for secure document storage and disposal.”
Instead of purchasing hardware and software, smaller businesses can save money by using PNC’s treasury management, account alert and online payroll services. Many transactions can be processed by the bank’s computers, a process that not only saves time but also reduces the need for IT staff and infrastructure.
In addition, having a relationship with a major bank and using its invoicing and online payment system may boost a company’s credibility and stature with clients and prospects.
“Just as having a strong Web and social media presence levels the playing field for small and midsize businesses, banking in the cloud gives growing companies access to the same services as large companies without increasing overhead,” Hoyt says.
How to reach: PNC Financial Services Group Inc.,
www.pnc.com or (888) 762-2265
Also see: Unearthing moneymaking gems is often just a case of exploring your company’s financial statements