Your clients are switching to the wrong banks

Yoseph WestCEO & CO-Founder, Relay Financial

Accounting and bookkeeping firms spend a lot of time building the right technology stack to go with their workflows. Often it can unlock advisory services, boost margins, or lay the foundation for scale.

And yet, many firms leave one core piece of the back-office tech stack to their clients: business banking. So it's no surprise that banking continues to be one of the biggest pain points for firms. Broken feeds, siloed data, and access challenges are just a few. 

The problem increases as businesses add more banks to their back-office than ever. 

In 2019, 55% of small businesses changed financial institutions.

Despite this, most firms either don’t—or struggle to—recommend banks to their clients. If this is you, you are missing a crucial opportunity to streamline processes and empower clients with better tools.

The core risks of leaving it up to your clients

Over the next 12-24 months, your entire client portfolio could change financial institutions. That could mean exacerbating existing issues:

  • Broken bank feeds

  • Low-quality data

  • Difficulties obtaining read-only access

  • Inefficient client back and forth for statements, or to bypass two-factor authentication

When your clients make the wrong choice, it undoes all of the hard work you’ve put into building the right tech stack and efficient workflows for your firm.

The opportunity to help your clients make the correct decision

The change is going to happen regardless. Your firm needs to take the lead on the conversation. 

Controlling the narrative around bank upgrades could deliver an additional hour of efficiency per month, for each client. The right choice can result in:

  • A single portal to access all your clients’ banking

  • Reliable bank feeds that integrate with your ledger

  • Less back and forth with your clients

  • More time for advisory services

  • Higher quality data to support new services

  • More scalability for existing workflows

Taking the next step

Your clients' appetite for new banking options is a core risk but also a big opportunity for your firm.

One of the long-standing pain points for financial advisors could get a lot worse or be on its way out. Will you make the most of it?

Yoseph West
CEO & CO-Founder, Relay Financial

Yoseph is the co-founder and CEO of Relay, banking for growing businesses. Prior to founding Relay, Yoseph led marketing at Hubdoc from its early days to its acquisition by Xero.

Working closely with accountants and bookkeepers, Yoseph repeatedly saw the need for better business banking. That’s why he founded Relay, banking designed to enable growth, accelerate collaboration, and improve financial visibility.

Prior to Hubdoc, he co-founded Vuru, a stock analysis platform for retail investors, and led it through its acquisition by Wave Accounting.