The current economic climate may be a cause for concern for many business owners, but despite the headlines, it’s not all doom and gloom. What we’re hearing from most of our customers is that there’s still solid activity, with businesses seeing good sales and solid pipelines. We don’t want to downplay any signs of caution, such as rising cost of goods, increasing interest rates, and shrinking consumer confidence, but it’s important to stay focused on what’s happening in the communities you serve while having a plan for the future.
In today’s technology-driven world, it’s easy to get caught up in the hype and forget about the importance of human interaction. What are your customers saying? What is the outlook of local community leaders? As a commercial lender, Univest knows that while data may drive decisions and digital transformation is necessary for growth, it should never come at the expense of relationships. It’s important to get out of the technology bubble and be in front of people by talking to customers, employees, and peers because that’s the best way to gain a full view of what’s going on in your business. At Univest, it’s our job to work with our customers to help them find their way through the good times, but more importantly, through the times of concern.
We believe that people are complemented by technology, not replaced by it. Our goal is to use technology as an accelerator for enhancing the customer experience, but we never lose sight of the importance of human connection. In fact, we see it as a true differentiator for our business.
To illustrate this, two real-life examples come to mind that show how we helped our customers navigate complex situations with their businesses that could not have been resolved without face-to-face interaction.
With our agriculture lending team, we recently worked with two families related by marriage, a brother and a brother-in-law. They planned to buy one farm and subdivide it between the family members into four farms over the next two to three years. Most lenders would see this as too complicated, but because of our relationship, we went in as trusted advisors and provided a customized loan structure to help the family accomplish their goals. We sat down with the whole family to listen to their goals and set up the next generation with a custom product that also made business sense for us. By working closely with everyone involved, we learned about the nuances and planned for this family to create something that worked for everyone. This type of interaction simply can’t be replaced by technology.
In another example, we worked with a family-owned commercial business where the father transitioned the business to the next generation. Two family members were in the business, and two were not. We were invited to the table to understand how the new generation would be incorporated into the business and what benefits they would gain as part of this transition. We were involved early in the process because we built a personal relationship with trust at the core. This allowed us to help everyone at the table hear and understand how financing could assist in the transition to the next generation.
These success stories show the value of face-to-face meetings and human interaction. In both cases, we created customized solutions that addressed the unique needs of our customers. We didn’t just rely on technology to crunch numbers or assess risk. That is an important part of the process, but so are careful planning and discussions with our customers. We leverage technology to help enhance the experience we deliver to each of our customers.
At Univest, we believe that the key to success in commercial banking is a combination of technology and human connection. While many banks are focused solely on digitization, we understand the importance of building relationships with our clients. If you’re interested in learning more about our commitment to our customers and how we build relationships to better serve your business, visit univest.net, stop by a Univest financial center or contact us at 877-723-5571.
Univest Bank and Trust Co. is a Member of FDIC, Equal Opportunity, and SBA Preferred Lender.
