“When you think about it, a lot of municipalities aren’t that dissimilar to retail,” says Lee Strom, senior vice president and government banking division manager for U.S. Bank Corporate and Commercial Banking. “Their constituents come into the office and want information or a license or some other service – they need to conduct business just like in the retail sector. So now a lot of the governments are trying to figure out how to maintain some flexibility there. For example, how to digitize processes that have historically been done face to face. And we, as their service provider, can handle a lot of that for them.
Managers are realizing they need to move forward quickly to keep pace with the changes in other industries and the expectations of their constituents. Municipalities that want to maintain flexibility in their offering will need strong support from their partners for digital frameworks and other future-focused technology services.
“A lot of our clients are reassessing the way they do business,” says Lee. “How do they make payments differently? How do they accept payments differently? At U.S. Bank, we can write checks, handle ACH processing, handle credit card processing and more. Services like that can take a lot of the burden off an organization, and it’s important for them to know they don’t have to figure all these things out on their own.”
4. Prioritize technology enhancements and digital systems
It often requires a certain amount of outside pressure – like a global pandemic, for example – to encourage municipalities to make necessary updates. The challenges of the past year compelled many organizations to take a hard look at their technology systems.
“Sometimes it takes a little bit of persistence to move municipalities forward,” says Kevin Weeks, sales head for U.S. Bank Global Corporate Trust & Custody, “and I think the pandemic pushed them toward some tech options they may have been hesitant to use – but that they since found very helpful, especially when they couldn’t get into the office.”
Digital, online technology platforms are a key component in facilitating flexibility for municipal workforces. As managers seek out new ways of doing things, more and more are turning to their service providers for help. At U.S. Bank, we draw on the resources of our global network to continuously deliver state-of-the-art technology solutions that align with evolving business needs. Pivot, our online account platform, provides secure, convenient self-service access to information – making it easy to obtain comprehensive documentation and reporting, whenever, wherever.
“We’ve had several situations where clients called because they couldn’t get into the office to get our statements, and we reminded them that everything was available to them online,” says Kevin. “Even though that might seem like a basic offering, it’s been extremely helpful for clients who haven’t typically had the benefit of immediate digital access to documents, transactions or payments.”
The past several years have challenged all of us, but they remind us how important it is to stay flexible and embrace change. By carrying these lessons forward and finding partners to lean on that share your priorities, we can build stronger relationships and better solutions for the future.
Municipal bond offerings are an important element to the growth and future of communities. Our knowledgeable team can provide guidance to help you successfully execute transactions and expertise to help you achieve your long-term goals. For more information about our corporate and municipal services, contact us or visit our website.