Serving small businesses, entrepreneurs, and independent workers should be a top priority for credit unions looking to grow. By providing financial services that truly meet the complex needs of this market, credit unions have the ability to grow membership and revenue and fulfill their mission of strengthening their communities’ financial well-being.
Credit Union Implications
In an era of tightening margins and the ongoing quest for new growth opportunities (for deposits, interest income, and non-interest income), serving small businesses is an ideal way for credit unions to simultaneously fulfill their mission and strengthen their bottom line.
To fully explore the small business opportunity for credit unions, it is critical to understand how the landscape of work in the U.S. is changing. This brief examines how credit unions have historically served small businesses and explores the possibilities for expanding and innovating to meet the needs of this growing market. Finally, we will take a close look at how partnerships with technology providers, including fintechs and CUSOs, can marry cutting-edge technology with the credit union calling card: a trusted reputation for friendly service and community care.