Cash Manager Services - What does that mean for your business?

Deirdre Elliott, AVP/Electronic Banking Officerby Deirdre Elliott,[email protected] AVP/Electronic Banking Officer, Scott Valley Bank

In a recent article published in The Vault, Steve Studer, Scott Valley Bank’s EVP/Chief Credit Officer discussed Millennials and their importance to your business.

As the AVP/Electronic Banking Officer for Scott Valley Bank, I know it is imperative to stay on the forefront of technological solutions in the digital banking world to the benefit our own clients. After all, the most effective tools and products are those which help the user conduct their business functions with ease, accuracy, security and efficiency. As cell phones and other electronic devices become increasingly ubiquitous, the need is obvious for us to stay current with the communication styles and expectations that are generally led by Millennials – and which we’ve discovered are followed closely by Generation X and by Baby Boomers who have also been eager adopters of technology.

So you ask, digital banking, what is it?

Digital banking offers access to your accounts from a variety of devices - desktop, mobile, tablet, etc., with the ability to monitor your business accounts and make approvals on transactions, move funds and make deposits without needing to visit a branch.

The result of digital banking is often time saved, convenience, efficiency, higher level of control and security. These advantages can create a higher cash flow, while providing access to your banking anytime, anywhere, on any device as suits your needs.

Technology is improving and changing faster than banks or individuals can adopt and keep up with the changes. It is important for any bank to recognize, learn, implement, and educate clients regarding the tools that will best assist in the efficiency and growth of their business.

This all sounds great and it is great, but it is important to state that along with growth in digital banking services comes the potential for more exposure to fraud and Corporate Account Takeover. As a bank, we are committed to providing the latest security technology to assist with preventing fraud and minimizing any exposure to our clients. Education and smart fraud prevention tools can provide a mindset of ease so you can focus on what’s important to you. After all, digital banking provides convenience, ease of use in running your business, and multiple access points – what good is all of that if you don’t trust the safety of the service?

So now you ask, what services and tools are out there to improve my digital banking experience and to put my mind at ease?

Here’s an overview of Scott Valley Bank’s digital banking Cash Management services and security features that can help your business:

  • Token Authentication- offers an enhanced layer of security to increase your protection from fraud when initiating a funds transfer outside your financial institution.
  • Positive Pay/Reverse Positive Pay-helps reduce and mitigate fraud by electronically sharing your check register with the bank. As the checks are presented to the bank for payment, the bank will only pay those items that are recognized by the check register. Any other item showing a form of discrepancy will show up on an exception report that is reviewed by you, the customer, to make the decision to return or pay the item on that list.
  • Lock Box Services (wholesale and retail)- provides a convenience in facilitating deposits if you deal with large amounts of check payments i.e. Medical Billing. Lock Box Services involves a PO Box to handle the receipt, then collection of mail alongside with depositing these items and providing a daily electronic report.
  • Advanced online banking services offers greater control. - Most banks offer a more advanced online system to business customers which allows your own managers or administrators to create internal login credentials. This allows your employees to access services and features the client has signed up for and allows the client administrative control over individual employee user rights. With this comes online monitoring capabilities to allow for auditing the employees to review work, as well as for creating dual authentication and review of transactions before they are sent out of the bank for payment.
  • Mobile Banking- With advanced fraud prevention and encryption technology, you can access your accounts securely from your mobile device anytime and anywhere. Mobile banking apps allow you great convenience and scheduling flexibility. You can benefit from mobile access to your accounts as well as peace of mind knowing you can monitor your accounts no matter where you are.

I grew up as a Generation Y baby, not born into technology, but readily adopting the changes along the way. I recently attended an Online Banking conference in Austin, TX. The focus this year was on digital banking and how it is going to have an effect on the banking industry to come. Let’s face it, in 10 years Generation Y, and Millennials* will be running both banks and businesses like yours.

Might your business benefit from an increase in security and time saved, improved levels of control, and assistance with  overall efficiency? (Add to that the fact that your employees increasingly are early technology adopters and ready to embrace these services.) Consider the suite of products mentioned, the value they have, and if they can help your business.

So, how will you allow digital banking to help you?

*The Terms Generation Y and Millennials are often used interchangeably as two halves of the same same age cohort with Millennials those born more recently.

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