12 minute read
Personalized Banking with Heritage Direct
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
Do all your banking on your mobile device with our app.*
– Deposit checks – Transfer funds – Pay bills – Originate ACH & wires – View balances & transactions
Download the app today! Just search “HB Direct” in your app store.
*Message and data rates from your wireless carrier may apply.
Managing Business Cash Flow
Business owners have a lot on their plate. Inventory, staffing, schedules, banking, paperwork and so much more. They work tirelessly to get things up and running and plan hard for expansion or growth. But the one thing that drives it all is cash flow. Keeping funds moving in the right direction requires a deft hand and the ability to save for a rainy day…or an unexpected pandemic. Here at Heritage, treasury management relationship officers like Roscinda Cruz help businesses accomplish all that and more.
Cash flow is more than simply bringing in funds through sales and paying your staff and vendors for their service. Industry reports explain that: “Cash flow is one of the most critical components of success for a small or mid-sized business. Without cash, profits are meaningless. Many a profitable business on paper has ended up in bankruptcy because the amount of cash coming in doesn't compare with the amount of cash going out. Firms that don't exercise good cash management may not be able to make the investments needed to compete, or they may have to pay more to borrow money to function.”1 Roscinda Cruz has worked in banking for her entire professional career, a total of 22 years. She’s seen the economy, technology and business outlook pendulum over the years and knows how uncertain things can feel. Originally from Guam, she settled in Oregon in 2000 where she works hard with, and for, businesses across the Pacific Northwest.
Before COVID-19, Roscinda admits that her treasury management advice didn’t change much based on a business’s size, longevity or future goals. “Businesses of all sizes are facing the same dilemma: how to keep employees and customers safe while keeping revenue flowing in.” But perhaps unsurprisingly, the arrival of the coronavirus brought changes. “Since the pandemic, it’s become a requirement for businesses of all sizes to have some sort of online presence to continue to stay in business, regardless of industry,” she explains. “This wasn’t always the case.” “Work with your banker or bank to determine the appropriate treasury management solution or solutions to help expedite funding for receivables,” Roscinda advises. “Treasury solutions like ACH Origination and Merchant Services can help businesses improve accounts payables and accounts receivables while providing the flexibility to meet your customers’ needs now and in the future.”
Automated Clearing House (ACH) is a funds transfer system that provides for the interbank clearing of electronic entries for participating financial institutions. Whereas Merchant Services can run the gamut from credit and debit card processing to securing your payment solutions and running a financial checkup to look for ways to add value or save money. “Basically, businesses should examine their options to expedite funding of accounts receivables, like speeding up payments and collections, ACH and Merchant Services,” says Roscinda, “and looking for more efficient solutions for everyday spending and accounts payables like going paperless whenever possible, using online accounting software to track invoices and payments and more.”
Businesses bring in funds from the sale of goods or services, but they spend them on advertising, insurance, inventory, payroll, taxes, rent, utilities, supplies and licenses…just to name a few. Managing everything may feel overwhelming, but you don’t have to go it alone. Heritage Bank offers services like checking, savings and investment accounts, online banking facilitation; loans for commercial real estate, construction and lines of credit; and a range of international banking options. We can help fund, build, maintain and expand your dream business from day one until retirement.
REFERENCES 1 www.inc.com/encyclopedia/cashflow.html#:~:text=Cash%20flow%20is%20one%20 of,amount%20of%20cash%20going%20out.
BY ROSCINDA CRUZ
Roscinda is a treasury management relationship officer and has been in banking for 22 years. She’s worked at a number of community banks in the Pacific Northwest, holding positions in management, business development, commercial and retail services. Roscinda now focuses her time helping her customers with treasury management services. Outside of work, Roscinda likes to volunteer at Habitat for Humanity, Aloha Junior Baseball Organization and the Beaverton School District. She graduated from Oregon Bankers Association Operations School in 2004 and Oregon Bankers Association Advanced Branch Managers School in 2009.
Surfing and Running 100-Mile Races
My passion for running started at Marshall Middle School in Olympia, Washington—I ran a mile in 5:02, which became the school record that year. I continued to run throughout high school and our team even won the state championship in cross country. When I left for college at Western Washington University in Bellingham, Washington, I chose to focus less on running and more on economics, art and surfing. In my junior year, I got the opportunity to teach pottery in Thailand for a quarter and was able to travel around while I was there. After teaching, I hopped on a train to Singapore, rode a boat to Batam Island and boarded a plane over to Padang, West Sumatra. There, I met a local Indonesian kid that could speak English. He took me on a public fishing boat to the Mentawai Islands, which are known for being one of the best places in the world to surf. I lived in a little hut on the island with the local people who spent their days extracting coconut oil and selling it on the mainland. I surfed a lot during that trip. The waves were perfect, and it was truly a once in a lifetime experience that I’ll never forget. Especially the one time I went surfing by myself and subsequently had all my belongings stolen from the beach—I had to walk 30 minutes back through the jungle with only my surfboard, wet swim trunks and bare feet. I even ended up getting a worm in my foot. But that’s a story for another time… After Indonesia and graduating from Western, I moved to Hawaii for a year to continue surfing and living the dream. However, I knew surfing wasn’t the only thing I wanted to do for the rest of my life, so I moved back to Washington. One evening, during dinner with my parents, two sisters and brother, we were chatting about how they had all hiked Mont Blanc in France. Surprised that I—one of the most adventurous of the bunch—had never done this, I decided to make it happen. Now, they’ve only spent a couple days hiking around the mountain. So, when I found out about the 105 mile race, I decided I wanted to run it. Ultra-Trail du Mont-Blanc (UTMB) is one of the largest trail races in the world for ultra-distance with over 30,000 feet of elevation gain. I figured out what I needed to do to participate and that’s how I ended up running my very first 100-mile marathon in March of 2018.
Naturally I had to train for the long distance, so I started with a few “small” races. I competed in one around Mount Saint Helens, entirely on the Loowit trail. Another on the Oregon coast running the beach and coastal mountains. In November, I did a 50-miler at Smith Rock down in Bend, Oregon. And then I continued to train hard through the winter. I ran nearly every day or night, rain or shine, headlamp or not. In March, I traveled to the Horse Heaven Hills near Richland, Washington and competed in the Badger Mountain Challenge—100 miles and somewhere between 13,000 and 16,000 feet elevation gain. I finished just under 23 hours…surpassing my goal of 24 hours! It’s pretty cool to be able to say I ran 100 miles in less than a day.
Scott running the Grand Canyon Rim 2 Rim 2 Rim solo in 2019
BY SCOTT MICHIE
Scott Michie was previously the branch relationship manager in Tumwater, Washington before becoming a vice president, commercial banking officer. Scott started at Heritage in 2006 and worked his way up from a teller to his current position. He will run the UltraTrail du Mont-Blanc in August of 2021. I think my background in surfing, traveling and running has influenced my work here at Heritage. I can relate to people in a different manner. I understand the “dreamer” side of people; the ones
Scott Michie who want to do everything. But I also understand that you have to be focused and committed in order to do all those things. My job is to get to know my customers, listen to what they want and figure out a way to help them get there. Life is a journey that is much longer than an ultra-marathon. I want to help people ring the bell at the finish line and get “spit out of their metaphorical barrels” (a surfing term). So let’s do this thing called life the right way!
SBA Solutions to Help Build and Grow Your Business
The Small Business Administration (SBA) is an independent agency of the federal government established in the 1950s to aid, counsel and assist America’s small businesses and provide support to disaster victims. Today, it assists more than 30+ million small businesses in the areas of finance, contracting and management. The SBA works with lenders to offer loans to businesses that would not be able to do so through conventional means. For the business owner, this gives them longer terms without balloons, increased leverage or the ability to create a start-up. To be eligible, type and size of the business are factors as well as character of the owners and key managers and credit history. There are a variety of SBA solutions and navigating the program can be cumbersome. This means the business relationship is just as important as the transaction. The right lending partner is key for a successful experience and proper SBA solution. With more than 30 years of expertise, Heritage Bank’s SBA team is willing to look at all types of businesses to determine the right solution. The SBA’s flagship 7(a) program enables a loan amount up to $5 million and can be used to purchase or refinance commercial real estate, equipment, inventory, working capital, business acquisition (including a partner buy out), business debt refinance, start up or expansion. The 504 program has similar eligibility as the 7(a) but the proceeds are limited to purchase of commercial real estate (including land, improvements, grading, street improvements, utilities, parking lots and landscaping) and the purchase of long-term equipment. Active and experienced lenders qualify for the SBA’s Certified and Preferred Lender Programs. This enables banks to approve loans on behalf of the SBA resulting in an expedited loan closing. Heritage Bank’s Preferred Lender Program (PLP) status is the highest level of approval a lender can hold and permits a more streamlined and flexible loan application process and service requirements and expedited approval process. It also allows us to use our own underwriting and servicing policies.
Shutterstock
BY CHRISTINE HECKERT
Christine Heckert, senior vice president, SBA manager, joined Heritage in 2014. She has been in SBA lending since 1988, and in 2008, she received the Financial Services Champion award from the SBA Seattle District. She has a bachelor’s degree in business administration from Gonzaga University and is also a graduate of the Washington Bankers Association's Executive Development Program. Christine serves on the Technical Issues Committee and the Region X Liaison Committee for the National Association of Government Guaranteed Lenders, which is a trade organization for SBA 7(a) loans.
Ranked Best Bank in Washington, 2021
"Heritage approaches us with solutions before we come to them with problems.”
- Scott Holley, Eddyline Kayaks
Unique solutions for unique businesses
We provide a deeper level of personalized service that helps us tailor the right solutions for the way you work. And when we help businesses in our community, it helps us all.