Not just a service provider, but also a partner – what do businesses expect from a bank?

Understanding business needs, flexibility and quick decision-making

Representatives of large and medium-sized enterprises in the Baltics took part in the survey and, analysing what they have to say, we can see that it is extremely important for businesses that banks have a good understanding of their industry and the specifics of their business, and that they listen to their needs and know what challenges they are facing. Moreover, companies prefer banks that can offer industry-specific expertise and have successful examples of cooperation in Scandinavia, Finland and other countries.

Cooperation with bank representatives is also important for businesses: a knowledgeable, responsive, and consistent customer relations manager is the key to building a solid and trusting relationship between the business and the bank. Customers appreciate having a single, reliable person coordinating all communication with the bank, supported by specialists in other areas that are important to the customer, such as cash management, trade finance and others. This personal approach also helps the bank to offer customers tailor-made solutions and faster resolution of issues and promotes customer loyalty to the bank. Technological solutions are evolving rapidly, but AI will not be able to replace this personal touch.

Companies’ concerns, on the other hand, most often deal with the speed of decision-making and the bureaucratic burden. That is why they highly value responsiveness, adaptability and creativity – all of which help them better adapt to market changes.

An advisor in the twists and turns of sustainability solutions

No one can be an expert in all areas, therefore it is important for businesses to receive reliable and sound opinion and advice from their bank. Banks have knowledgeable specialists who can help companies not only with financing, but also with advice and expertise, for example, in sustainability and ESG matters that, with the introduction of the Corporate Sustainability Reporting Directive or CSRD, are very high on the agenda but still unclear to many entrepreneurs – this was acknowledged by respondents from all Baltic countries in the survey.

By and large, businesses are aware that sustainability is important, but many who are just testing the waters and are yet to, pursuant to the Directive, prepare their first sustainability report this year or next, admit that they find sustainability issues complex and difficult to understand, and they are concerned that sustainability issues may lead to more bureaucracy. They are still trying to understand how to structure sustainability principles, how to integrate them into day-to-day business operations, and how to measure results. Businesses still have a lot to learn about sustainability and expect banks to be able to provide them with knowledge and support, while finding ways and explaining how to make ESG-related processes simpler.

Digitisation solutions: convenient, functional and secure

Another key aspect that is characteristic of businesses in Lithuania, Latvia and Estonia is a desire to use convenient, functionally developed and integrated digital systems. Baltic companies run their business intelligently and the variety of financial solutions and services offered by banks is important to them – they use the most efficient financial instruments such as account aggregation, investment tools, trade finance products, and want to work with them quickly and easily.

Digital systems are not a decisive criterion in choosing a bank, but they are becoming increasingly important, and businesses in all the Baltic countries expect wide access to online financial services as well as the highest level of cyber security. Nobody wants unnecessary and time-consuming procedures, and to stay competitive, banks need to invest in the development of modern digital solutions, with a particular focus on making day-to-day business operations easier. 

Increasing customer demands are also pushing banks to evolve and improve their services: they need to be flexible, attentive and ready to react to change. Banks need to become strategic partners for businesses, not only helping them with financial matters, but also providing valuable advice and creative solutions. At the same time, banks have to not only adapt to their customers’ needs, but also help them move towards a more sustainable future.

Elmārs Prikšāns
General Manager at OP Corporate Bank plc Latvia Branch

* The qualitative study, commissioned by OP Corporate Bank plc, was carried out by Finnish research agency Red Note by conducting in-depth interviews with representatives of 35 large and medium-sized Baltic companies. The research was carried out in 2024.