Is Your Association’s Banking Partner Focused on Innovation?
Technology is revolutionizing the world around us. It has changed the way we communicate, travel, conduct business, and how we maintain and organize our lives. This critical shift in the way we live and work has impacted every industry, including the financial sector. Over the last decade, financial institutions, such as Bank of America, Citibank, and American Express have invested in FinTech (financial technology) companies to meet modern regulatory, digital, and security challenges.
3rd Party Banking
Recognizing the changing landscape of business, these financial institutions are partnering with third-party companies to create innovative software solutions instead of wasting time, money, and resources building them in-house. This allows financial institutions to create better, faster, and more cost-effective services that will not only protect them from obsolescence, but improve the lives of their customers as well.
Now, think about your community association’s banking partner. Are they focused on innovation? Are they providing products and services custom-made for HOAs, management companies, and governing boards? Are they taking advantage of automation solutions to provide you with online cash management tools to efficiently manage your cash flow?
By partnering with an accounts payable automation solution provider, forwarding-thinking financial institutions can offer their clients a complete end-to-end automation solution, including invoice processing, electronic approval workflows, payment processing, a supplier portal, and integration capabilities with hundreds of different accounting systems. If your banking partner can’t provide these services, then your management company may be at a huge disadvantage when traditional, paper-based processes finally fade away for good.
Selecting a Banking Partner
When it comes to selecting a bank partner, HOAs should look for a financial institution that offers state-of-the-art solutions designed to meet the unique needs and customer service requirements of community associations and property management companies. Think of how much easier your life would be if homeowners and renters could pay fees online easily and quickly. Imagine working with a banking partner that offers cash management with instant access, HOA loans, lockbox and digital imaging services that are all focused on meeting your association banking needs.
Whether it’s a highly-regulated financial institution or a community association management company, companies have internal barriers that prevent them from trying new things. We often get so hung up with perfecting our established best practices that we forget about developing the next set of practices. To survive in this ever-changing world of technology, community management companies must seek out new and creative ways to get around those internal barriers and out of comfort zones. It’s important to partner with a bank that is as focused on innovation as you are, because they will offer you new and intuitive experiences and services that will help set you apart from competitors.
Don’t Become Obsolete
In their personal lives, homeowners and renters are already taking advantage of the kinds of technology that community association management companies and their banking partners will need to implement to stay relevant. If they can’t deliver those same kinds of online customer experiences, then consumers are going to go somewhere else. Microsoft Co-Founder Bill Gates once said, “We tend to overestimate the amount of change that will occur in two years, and underestimate the change that will occur in ten.”
If organizations don’t start embracing technology now, then they may go the way of the Rolodex or the filing cabinet in a decade, or sooner. Just because you’ve always done something a certain way doesn’t mean there isn’t a better way to do it. By partnering with a bank that is dedicated to innovation and efficiency, community association management companies can prevent obsolescence and remain a valuable service provider for renters and homeowners.