Small businesses. Source: Shutterstock
Credit unions with assets at approximately $5 billion and below are traditionally considered to be within the "community banking market." Historically, they have focused on their communities through retail banking, local experiences and supporting small business owners to help them achieve their dreams. However, many credit unions have struggled to serve small to medium sized businesses (SMBs), as they are a vastly diverse group with varying industries, needs, income and maturity levels represented.
Now, we are seeing a shift in the strategy. Credit unions are expanding their markets and services. They are trying to attract larger business, with more sophisticated accounting packages. This is further driving the need for banking services and blurring the line between retail, small business and a full, robust cash management solution.
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