How to Choose a Bank for Government Banking Services
March 4, 2024
In my 29+ years in banking I have worked with and spoken to hundreds of county and municipal CFOs, Business Administrators, School Board Administrators, and Directors of various Authorities. Invariably the first question I get is what our interest rate is. While the interest rate and the potential interest income you can generate from your financial institution is very important, it is only one of the multiple factors that should be of concern.
When speaking about your government banking relationship, in my opinion nothing is more important than the people you do business with daily. Is your current banking team 100% dedicated to solving your problems and finding customized solutions? It’s critical that you’re working with a team who is focused solely on working with you and for you to make your job managing your funds as seamless as possible. Make sure you’re asking your potential partner about their team and experience with providing the very best services to their clients.
That starts with local decision makers. Whether its adapting to an ever-changing rate environment or handling an inquiry regarding a charitable donation, you want to ensure that you have a team who is only a phone call or email away. Make sure you know who is making important decisions, and that they can be made quickly and ideally locally. You’ll want to ensure that the bank’s key decision makers are seasoned, fully engaged, and are aware of your needs as a government official.
Another important thing for you to consider is that your partner’s technology is second to none. Look for differentiators in this area beyond just the essential For example, from our ZEscrow to our smart safe, our products are top of the line cutting edge and afford our government clients with the very latest technology that enables them to manage their agency at the highest level. Make sure that any potential banking partner you’re meeting with can offer this level of sophistication and differentiation.
The platform, products, services, and people all need to be considered as your think about your financial institution, in addition to just the interest rate. As a financial officer, what relationship is more important to you than the relationship with your bank? If any of these topics resonate with you, contact me and I’d be happy to have a conversation with you about your specific needs.
By Jack Anastasi, SVP / Director of Government and Vertical Banking
About Jack:
Jack D. Anastasi is Kearny Bank’s Senior Vice President, Director of Government and Vertical Banking. Working in conjunction with the bank’s Government Banking Team and its Vertical Relationship Officers, Jack is charged both with managing and expanding Kearny Bank’s government and business banking relationships, through exceptional client service and enhanced product development.
Jack has a wealth of experience in government, retail and business banking sectors and provides our valued clients with precisely the type of outstanding banking service they’ve come to expect from Kearny Bank.
Jack currently sits on the Board of Directors of several charitable foundations and advisory boards. He has more than 20 years of experience in government, small business, and retail banking.
To learn more about Kearny Bank’s Government and public sector banking capabilities, contact Jack.