It is difficult to develop business in a country with an unstable political and economic situation. Rapidly changing legislation and business conditions are not conducive to the development of entrepreneurship. Turbulence in the financial sector also has a negative impact on the business.
Nevertheless no company can do without cooperation with the bank, because in order to carry out business activities you need at least a bank account. In addition to cash settlement service businessmen use crediting, place funds in the current accounts and deposits, draw up payroll card programs, etc.
But when you receive news fr om the market regarding the problems in one bank or another almost every day, it is increasingly difficult for business representatives to select a financial partner that can be trusted. There is an understanding that not all the banks will stand the "stress tests" of the economic and political situation in the country. You can assure yourself of the reliability of a particular bank only by conducting a thorough analysis.
If the bank delays or refuses to give back deposits, returns the funds in small parts, or, for example, if the NBU plans to introduce temporary administration to a financial institution, it speaks of low liquidity of the bank and its inability to perform its obligations to the clients.
A reliable bank always and under any circumstances fulfills its obligations to the legal entities as well as to the retail clients. This means that all payments are made on time, salary is paid on time to the employees of the enterprises, which are being serviced, the bank returns deposits to the clients without any problems, it does not set a lim it on cash withdrawal, etc. Stable work of bank branches, constant cash load at the ATMs are also important. If bank's representative offices are closing up and there are constantly no funds at the ATMs, it may speak of problems in the financial institutions.
An ability to provide its business clients with an extremely needed funding is also an indicator of bank's good liquidity. Nowadays a very small number of banks give loans to businesses.
Innovativeness and technological effectiveness of the bank, which for the client is reflected in ease of servicing, is equally important. If 5 years ago the main factor in the selection of the bank was branch proximity, now the quality of remote service channels comes to the fore: functionality and security of Internet banking, the level of the development of card products, ATM network and cash-in ATMs, the quality of customer support in the contact center of the bank. The presence of all these factors makes it possible to perform all basic daily operations without visiting the branch.
Another important factor when choosing a bank is the understanding of the needs of each particular business. For many clients this factor comes first when getting financing at the bank: the number of questions and the timeframe for a decision on the part of the bank, forming correct repayment schedules, approaches to collaterals should be different for various sectors.
Of course, in the question of selecting a servicing bank, each client has its own vision. But the above factors are sooner or later becoming more and more priority and if the choice is made correctly, the client will continue to receive services in the selected financial institution. However it is safe to say that security and convenience will never lose their relevance when it comes down to the question of money safety and its management.
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