Photo by James Sanna | Banker & Tradesman Staff/file

Citizens recently announced the launch of a new tool intended to appeal to business banking customers.

Many Massachusetts banks are chasing business banking clients in an attempt to rebalance their loan portfolios away from commercial real estate.

The new Citizens tool, called Citizens Cash Flow Forecasting, is claimed to help small businesses predict their cash flow up to 12 months in advance while helping them benchmark their company’s performance against similar firms in their area with similar revenue and headcount classes.

The tool builds on the company’s existing cash flow management platform launched in 2023.

“We work closely with our business customers to identify critical needs. Then, we provide digital tools that offer an exceptional customer experience and empower them to make confident financial decisions,” Mark Valentino, head of business banking at Citizens, said in a statement. “Cash flow forecasting is designed to help clients consolidate their financial applications and optimize their financial performance, so that they can spend more time running the businesses they love.”

In its announcement, the company noted its latest nationwide business outlook survey, conducted in February, found “more than half of small and mid-size business owners (55%) view improving insight into company cash flow as a top priority in 2024.”