BID® Daily Newsletter
Jul 8, 2025

BID® Daily Newsletter

Jul 8, 2025

Connect SMB Customers to Third-Party Service Vendors

Summary: CFIs have connections with lots of service providers likes lawyers and accountants. By leveraging that base of expertise, CFIs can connect SMB and commercial customers to the services they need.

The words “I know a guy” might occasionally pop up in a mafia film, but they also precede a lot of rewarding, above-board transactions in the personal and business spheres. In the case of small business banking, hearing those words from a banker can instill relief and confidence in small business owners in need of a specific service for their business. Community financial institutions (CFIs), already experts in connections and their business customers’ needs, can create partnerships with outside vendors who can provide even more value to their business clients.
For instance, Fifth Third Bank customers now can get a basic personal will drafted for free. The service is part of a partnership between the bank and an estate planning platform called Trust and Will. CFIs can also point their business customers to external providers who can offer valuable perks and solutions.
Finding the Right SMB Service Providers
Small and medium-sized businesses (SMBs) need a variety of service providers, and finding the right ones can be a challenge. SMB owners often wear a lot of hats just to manage their day-to-day operations, but there are also one-off business needs and quarterly or annual business needs that need tending to.
This is where CFIs can lend a hand by offering connections to outside business service providers and other sources that go beyond the financial services they provide. CFIs can also negotiate deals with service providers so that the CFI’s clients who act on referrals get discounts from the vendor.

How CFIs Can Build Referral Networks
CFIs tend to have very broad knowledge about their communities, which would include professional service providers. So, leveraging those connections into referrals and partnerships could be a readily available way to build relationships with small business customers.
CFIs can set up hubs where their SMB and commercial clients can shop for services they curated. This one-stop shopping source for vendors can be very valuable to these customers. CFIs might design their own portal for vendor services or they can partner with a provider like Proven.
There are companies that can provide this type of one-stop shopping as well. In addition, for early-stage companies in need of financing but not yet ready for traditional loans, there are entities like EFund that work with these companies and also partner with financial institutions. 
Through partnerships, CFIs can integrate some external service platforms, thus providing their clients a handy way to access tools like analytics and expense tracking.
Here are some of the areas vital to small businesses where CFIs can offer referrals or establish partnerships for offering services: 
  • Legal
  • Accounting and bookkeeping
  • Auditing
  • Business consultation
  • Insurance 
  • Risk management
  • Marketing
  • Advertising
  • Technology
  • Web design
  • Cloud management
Networking and Community Building: Another Way To Lend a Hand
Another way to provide value-added service to business clients is by helping them access useful networks and communities, or by partnering with organizations to provide networking events.
For example, chambers of commerce, industry associations, and incubators may offer networking opportunities for small businesses. These same entities, as well as others, may offer workshops, forums, webinars, or other events. CFIs that stay abreast of these opportunities can offer referrals to their own clients.
Other Benefits for CFIs
CFIs that use referrals and partnerships to help their SMB customers can also reap some rewards for themselves. CFIs can gain a deeper understanding of business clients by monitoring their use of referred services. If these partnerships help improve the overall health of a businesses, that business may become more likely to need additional banking services, which presents new sales opportunities for the referring institution.
Clients who appreciate the help become more loyal to the CFI and thus may be more likely to use additional financial services.
 
CFIs can increase their usefulness to SMBs and commercial clients by offering connections to a network of trusted external partners. This network, in turn, can help SMBs find reliable vendors for the services they need to thrive. 
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