Digital adoption isn’t a new concept. For years now, enhanced technology, smartphones and apps have disrupted just about every industry, and consumers have now come to expect these services from their favorite stores, their insurance company and even their bank. And it’s not just consumers; small- to medium-sized businesses (often referred to as SMBs) also seek a banking partner who can meet their digital expectations. According to a J.D. Power survey1, the number of small businesses using their bank’s mobile app increased to 61% in 2019, up from 53% in 2018. While every business differs in size, industry and product/ service, going digital is a key advantage—to reduce costs, automate processes and remain competitive. This is especially true in the wake of a global pandemic. With a staggering number of SMBs being hit hard, they’re also learning to adapt to new market realities. From a shift in consumer habits, depleted supply chains and cash management concerns, the way they manage their funds while also continuing to meet the needs of their customers is more urgent than ever. Now, as we begin to recover from the economic crisis, it’s “critical for financial institutions to take advantage of digital to foster engagement with clients, focus on efficiency and drive their innovation agenda.”2
WHAT OUR CUSTOMERS ARE SAYING: “I am very impressed with the online banking system and the other online resources that Heritage offers. These options far exceed what was available for us at the credit union we used to bank at.” “Very nice new site! Wonderful improvement. So easy to use and so intuitive.” Visit HeritageBankNW.com and click the Business tab for additional details.
HERITAGE DIRECT: A BETTER EXPERIENCE FOR OUR CUSTOMERS
A few years ago, before the pandemic, we recognized the need for improved banking technology. We spent the next two years transitioning our business online banking to a new platform that was more comprehensive, customizable, personalized and—most importantly—digitally-focused. Called Heritage Direct, the platform allows customers to see a holistic view of their business: payroll, balance and transaction reporting, recurring payments and transfers, ACH and wire payments, online statements, user accounts and more. Not only that, but the platform is completely customizable, with drag and drop widgets that are tailored to each users’ unique needs. Widgets are small components that allow you to quickly see information or perform a variety of common tasks, like making a payment, transferring funds or stopping a payment on a check. Then, when a user downloads and opens the Heritage Direct mobile app, they’ll see the exact same personalized workspace as they do on their computer, a great feature for those SMBs who do most of their business on the go. Other features include: • Up to 365 days of balance and transaction reporting history • Direct Connect with Quicken & QuickBooks • Customizable security controls • Single sign on for remote deposit capture—meaning no extra username or password to remember REFERENCES 1 jdpower.com/business/press-releases/2019-us-small-business-banking-satisfaction-study 2 www.ey.com/en_ca/digital/transformation/how-banks-can-leverage-digital-innovationto-compete-in-the-fast-changing-small-medium-business-market#footnotes www.forbes.com/sites/forbesfinancecouncil/2020/03/12/meeting-the-unique-challengesof-smb-banking-through-digital-transformation/?sh=76969ce28396 www.smefinanceforum.org/post/the-importance-of-going-digital-for-smes americandeposits.com/community-banks-digital/
Personalized Banking With
HERITAGE DIRECT 12
Issue 1 | 2021 Q2
Banking Business a publication of Heritage Bank
