Skip to main content

Insights by Cathay

Why a supportive community bank is essential to business success

In the wake of a global pandemic, the onus is on businesses — small, large, and everything in-between — to support their customers in any way they can. Banks are no different, but their challenge is unique: to bring a relationship-driven service to an isolated world.

In this new state of business, the best local banks are the ones empowering their customers to “bank from a distance.” The more banks can help customers remotely manage business cash flow and offer contactless payment options, etc., the more value they will provide in a digital world.

At Cathay Bank, we take this calling seriously. Even though we have nationwide support and resources, we are still deeply connected to the local communities we are part of. One key aspect of our community-based values is helping local businesses grow and thrive.

At Cathay Bank, we actually feel like a valued client. You do not always feel that way because maybe you are a small business and are not as big as these other companies. But at Cathay, people value you, regardless of your size.
— David Chan, co-founder of consulting firm Riparian

 

Maintaining personal relationships from a distance

Culturally, we have always been very close to our customers through good communication and collaboration. We truly value the meaningful conversations we have with them. We take tremendous pride in making personal connections and building positive rapport.

The pandemic highlighted that it can be unsafe to go into physical offices under certain circumstances. We have all learned a lot through this unprecedented event, and we know that we have a serious responsibility to help our customers meet all of their banking needs remotely.

We ended up choosing Cathay Bank for three reasons, and I boil that down to solutions, responsiveness, and care.
— Cynthia Hwang, co-founder of consulting firm Riparian

Even as the economy continues to open up, it's imperative that we offer business customers safe, contactless payment options such as touchless payment. Our fraud prevention services also help business customers guard against payment fraud, as hackers have taken advantage of businesses' move to digital in finding more creative ways to scam them.

 

Jump-starting the economy one service at a time

As a community bank, we work to support our communities and the businesses of all sizes within those communities. It's now more important than ever to help customers evaluate business cash flow and determine whether business cash management services can help.

Liquidity risk management is an important part of the suite of services we provide. For businesses to operate efficiently and grow steadily, they need to adequately handle their cash flow and make sure they have enough liquidity to sustain unforeseen negative events. This became even more clear during the pandemic and resulting economic disruption.

I feel like there is a very big team of people at Cathay Bank that knows our business. Someone is always available and ready to help. They really want our company to succeed, and they are giving us the tools and the financing to make that happen.
— Rebecca Brooks, founder and CEO of Alter Agents

At Cathay Bank, it is important to us to leave a lasting, positive mark on the businesses with whom we work. Our goal is to empower businesses to grow and meet their own customers' needs, even in challenging times and as the economy continues to evolve.

We are (and always will be) a customer-first, full-service financial institution. We offer business banking products and services such as checking accounts and online banking, streamlining invoice payments, and much more to help improve funds availability and cash flow for companies of all shapes and sizes.

We always look for a bank that can understand the nature of our business and can provide us what we need to grow our business. In the past, I always felt that I was doing everything alone. I can see now that I am not alone. I have Cathay Bank with me.
— Waleed Saab, CEO of Beef Jerky Factory

 

Our relationship banking model is not going anywhere

The level of overall banking support and service we provide also applies to non-local businesses. We've been in business for 60 years and have established highly loyal relationships with our customer base. We work to know our customers, stay in front of them, and connect with them regularly.

Because of this, we know our customers' businesses like our own. And with the longevity of relationships, we've also earned a reputation as a trusted advisor from our customers.

Being a relationship bank, we do everything we can to add value in discussions with our customers. We want them to know who their banker is, feel a connection with them, and trust the banker's credibility and recommendations. Our focus is on serving our customers to the best of our ability. And our product suite is developed with that in mind.

The pandemic certainly brought a whole slew of challenges to the banking industry. Our Cathay Bank team had to quickly pivot to a world where people didn't want to (or couldn't safely) visit our offices in person. That was a shock to the system and required us to discover new ways to maintain our relationship-oriented approach.

Thanks to our customer-first culture and valuable suite of supportive banking solutions and services, we were able to provide value to local and national customers. Reach out to us today to learn more about our community-based approach to banking.

 

Related Links:

This article does not constitute legal, accounting or other professional advice. Although the information contained herein is intended to be accurate, Cathay Bank does not assume liability for loss or damage due to reliance on such information.

This testimonial was voluntarily provided by the client, who was not paid nor provided with any other benefits in exchange for such.

Share This Article:

Share
Social share image