Credit Unions in Business Banking Part 2: The Path to Digital Maturity

Credit unions setting their sights on small-business banking face many obstacles in a fiercely competitive business market, including the need to upgrade digital banking to serve the money management and financial health needs of business owners, expand product suites to support growing enterprises, and recalibrate marketing to emphasize personalized service, community connections, and member satisfaction. 

Building on Javelin’s Small-Business Maturity Path, this report provides credit unions and their vendors with a strategic blueprint that includes high-priority recommendations for digital banking, products, and marketing. The report examines three segments of institutions: “Explorers” taking their first steps into business banking, “Defenders” courting growing small businesses, and ambitious “Contenders” aggressively taking on commercial banks. 

This is the final installment of a two-part series, following Credit Unions in Business Banking Part 1: An Industry Eyes Opportunities to Grow, which profiled business members of credit unions, identified large gaps in products, and revealed promisingly positive attitudes toward credit unions among business owners. 

Key questions discussed in this report:

• What digital banking upgrades should credit unions prioritize for small businesses? 
• What critical product gaps must credit unions address to serve growing businesses? 
• How can credit unions effectively communicate their value proposition to business owners? 
• What role do digital banking vendors play in credit unions’ business banking evolution?

Companies Mentioned:

Alliant Credit Union, Chase Bank, Citi Bank, Golden1 Credit Union, PayPal, Pentagon Federal Credit Union (PenFed), QuickBooks, SchoolsFirst Federal Credit Union, Square, State Employees’ Credit Union (SECU), Suncoast Credit Union, Xero