Credit Unions in Business Banking Part 2: The Path to Digital Maturity
- Date:August 20, 2024
- Author(s):
- Ian Benton
- Report Details: 19 pages, 0 graphics
- Research Topic(s):
- Small Business
- Digital Banking
- PAID CONTENT
Overview
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
Learn More About This Report & Javelin
Related content
Credit Unions in Business Banking Part 1: An Industry Eyes Opportunities to Grow
Credit unions stand at a crossroads in business banking. As their consumer membership base gradually erodes, many are turning to business services as a lifeline for growth. But can...
Onboarding Small Businesses: Common Failures Lead to Missed Opportunities
For banks serving small businesses, securing a new checking account is rightfully celebrated as a win. However, many FIs stumble in the crucial post-application phase, failing to e...
Generative AI in Small-Business Banking: The Race Is On
Generative AI is poised to revolutionize the way small businesses interact with their banks. But are financial institutions ready to seize the opportunity? Fintechs like Intuit, Bl...
Make informed decisions in a digital financial world