mind your own business - bb&t insurance services · multi-lingual / socio-economic distribution...

December 2008

Mind Your Own Business

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About your presenter:

Kathy Dils is Vice President and Client Experience Manager for the Online Channel. Kathy has over 28 years of broad based business experience including 12 years in the banking industry.

Recent accomplishments include chairing the North Carolina Electronic Recording Council for the state of North Carolina.

Kathy is a graduate of North CarolinaState University.

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Agenda:

Small Business: the Foundation of our EconomySmall Business TrendsSmall Business NeedsThe Four Cs –– Control– Connection – Convenience– Cash Flow

Case StudyThe Road AheadQuestions and Answers

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Webinar Audience Question #1

What is the biggest challenge for your small business?

1. Not enough time in the day2. Inadequate cash flow3. Banking solutions too complicated4. Payroll solutions too costly

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Small Business: the Foundation of our Economy

1925 - “The chief business of the American people is business.”– Calvin Coolidge, "The Press Under a Free

Government“

2008 - “The chief business of the American people is Small Business.”– Kathy Dils, BB&T

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Small Business Trends

Multi-lingual / socio-economic distribution will be in play. ºEcommerce will be taking a greater part in success of small businesses. ¹Credit ratings will be more important.²Global economy will have impact.³

ºhttp://www.entrepreneur.com/marketing/publicrelations/prcolumnist/article179064.html¹2008 Glo bal Payments Trend Survey – 11/11/2008, Edgar, Dunn & Company²NFIB Small Business Economic Trends – 11.2008 William Dunkelburg and Holly Wade³http://trendtracker.blogspot.com/2004/02/trend-small-business-market-goes.html

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Small Business Owners Tell Us They Need -

Ability and flexibility to– Understand the business’ economic position– Monitor and control spending– Measure financial performance– Plot financial future– Manage finances on the go– Make decisions after hours

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Webinar Audience Question #2

If you could change one thing about the way you bank, what would you change?

1. My bank would be open 24 hours a day.2. I could move money among accounts

without going into a branch.3. I would never need to write a paper

check. 4. I would never have to wait for

mail to see a statement.

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The 4 C’s of Business Success

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Manage Your Cash Flow

Vendor ACH Payments

Employee ACH Payments

Electronic Invoices

Customer Payments

Business Account (Internal)Personal Account (Internal)

Business Account (External)

Personal Account (External)

Inbound Transfers to Meet Cash Flow Needs

Outbound Transfers to Pay Self, Invest, etc.

Payroll

Merchant Acquiring/ POS

Manage Your Outflow Manage Your Inflow

Bill Pay

Manage Your Accounts (Money Movement)

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Watch the costs and the profits will take care of themselves." Andrew Carnegie

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How to Stay Connected

Leverage anytime, anywhere connectivityUtilize traditional methods only when neededIn Person

Mail

24/7 Online Access

Mobile

Alerts

eStatements

Real-time Balances

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That which seems the height of absurdity in one generation often becomes the height of wisdom in the next." - John Stuart Mill

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Convenience

Why should you conform your business to the way banks work…

When you can make your bank work according to your business?

• 24 X 7 banking hours• Expanded banking access – Phone, Online and Mobile• Deposits can be made later in day • Funds available earlier• No need to physically visit the branch for routine services

• Wait for bank to open, or get there before it closes• Spend $$$ on gas to drive to branch• Stand in line• Time lost = money lost

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"If you don't drive your business, you will be driven out of business. “ – B. C. Forbes

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Control – How to get More

Delegate Access Multiple Options for Secure Money Movement

Effective Management of Risk & Fraud

Role-based Access to Employees

Best Practices & Awareness

Direct DepositACH & Wire

Remote Deposit Capture

BenefitsRemittances

Payroll

Built-in Risk Assessment

Fraud Monitoring

Real-time Alerts via phone, email, SMS

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Every man has a right to be wrong in his opinions. But no man has a right to be wrong about his facts." - Bernard M. Baruch

Case Study

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Case Study – Client ProfileClient owns a bakery, operates six days a week from 6:00 AM to 7:00 PM.Client needs an integrated financial solution to help simplify paying invoices, paying employees, and transferring money from account to account.Client wants to assign some banking tasks to employees without jeopardizing the business.Client needs to be able to transact most of his business after banking hours.Client would like to know when balances are changing. Client would like to be able pay his employees through direct deposit.Client would like to be able to transfer money quickly. Client would like to be able to handle his personal finances using the same tools as his business.

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Case Study – Current ScenarioClient finds it hard to find time during the day to do his banking.Client hasn’t been able to get to the bank during business hours in two weeks.Client spends 4-10 hours a week performing accounting functions such as:– Payroll - handwriting payroll checks. Giving employees time off during

the day to deposit or cash checks on pay day. Employee recently lost check, causing stop pay issue and more work for client.

– Tax payment – handwriting check with coupon. Running to the bank before 2pm.

– Accounts Payable – handwriting checks to vendors. Sending payment in hope that it arrives on time to get discount. Recently lost vendor relationship due to slow payment.

Client recently had an overdraft fee due to insufficient funds.

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Case Study – Product Solution

Banking Solution designed for a Small Business integrated with Mobile Banking and Alerts– Small Business Online Banking

• Multi-User Access• ACH and Wire• Stop Payment• Payroll with automatic deposit

– Mobile Banking– Automatic Alerts– Banking anywhere and anytime

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No time to go to the bankClient doesn’t have time during the

day to do his business and personal banking

Small Business OnlineUses an online banking solution

designed for his needsAccesses personal accounts using

the same systemFrees up time for the client so he

can concentrate on building his business

Small Business Client’s Problem Small Business Online Solution

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No way to delegate tasksClient giving ID & password to

employees creates a business risk.

Multi-User AccessProvides account access to selected

employees Gives each user has his own ID and

password– Peace of mind–Accountability–Audit trails

Customizes account access to specific account and transaction typesRetains approval authority


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Spends too much time performing accounting functionsClient needs help with:Payroll Tax payment Accounts PayableWire

Online Billpay, ACH, and WireOffers direct deposit to employees,

eliminating handwritten checks –Happy employee due to immediate availability of fund–Time saved by all

Sends tax payment electronically-no rushing to the bank on the 15th of the month to beat the 2:00pm cut off time.

–Avoids paying a penalty for being late

Sends vendor payments using Online Billpay

–Doesn’t lose discounts Sends wire online


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Needs to initiate a stop payment Client can not afford the time away from his business to go to the branch to initiate a stop payment.

Online Stop PaymentStops payment on a single check or a

range of checks onlineNo more taking time away from

growing his business No more waiting in line in the

branchesHas no time to go to the bank to open up a savings accountClient needs to open up additional accounts but hasn’t been to the bank in two weeks.

Online Account OpeningOpens small business checking and savings accounts online


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Needs notification when his balance changesClient doesn’t want to call the Phone Center every hour to get an updated balance.

AlertsSets alerts for notification of

transactions and balance changesReceives alerts on mobile phone and

email

Needs to conduct banking while delivering productsClient doesn’t have access to a computer while away from the office.

Mobile Banking Uses a Mobile phone to get balance

and transaction informationTransfers funds between accounts


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Case Study – Monthly Savings

Making timely payments resulted in discount savings of 5%Delegating bill payment to an employee saved owner 6 hours Granting access to accountant saved 2 hours in consulting fees Using wire and ACH online saved 3 trips to the bankResponding to Alerts and making Mobile transfers prevented insufficient funds charges twice

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The Road Ahead… Future Trends for Small Business

Hard work is still the #1 component of successMore Small Businesses starting as second careers by people leaving the traditional workforceLearning the value of thinking “green”Increased spending in Information Technology and expecting better paybackIncreased use of remote deposit capture, electronic money movement

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What to Look for in a Small Business Online Solution

Complexity

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What to Look for in a Small Business Online Solution

Leverages technology to simplify operations– Multiple options– Supports your business style

Easy access to information– Online– Real-time– Anytime– Anywhere

Comprehensive features– Complete view of accounts– Security delegation– Online money movement– Integrated payroll– “At Work” programs– Alerts, Mobile, eStatements

Adapts to your business needs– Knowledgeable support– Trusted advisors

Questions?

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Small Business Online

Contact Information

Visit our website at http://www.BBT.com\businessor visit your local BB&T Financial Center

EvaluationYou will receive a short webinar evaluation via email. Your feedback is very

important to us!

http://www.bbt.com/business

mind your own business - bb&t insurance services · multi-lingual / socio-economic distribution...

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