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Credit Unions Embrace Small Business Members With Mobile

Why the time is right for credit unions to zero in on this niche market.

By Robb Gaynor | Updated on June 05, 2016

There is a huge opportunity for credit unions to better serve small- to medium-sized, very profitable local businesses. Understanding that these businesses need both deposit and lending assistance, more credit unions are striving to expand their member business services and improve how they attract this segment of the market. Focusing more heavily on the needs of local businesses presents a unique opportunity for credit unions for two simple reasons: First, many credit unions already have a significant number of small business relationships, and second, small businesses have historically felt neglected by the financial services world and are starving for attention typically given to retail and commercial segments.

Small businesses have become a strong target market for credit unions. They’re profitable, tend to have personal share accounts as well as business accounts, and are loyal. If a credit union determines how to best serve this blended personal and business segment, they can hit a home run and generate considerable deposit and lending growth. Credit unions, which are already strong in local brand and known for a “relationship” focus, can be the savior of local businesses in significant need of specialized services.

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