The number of small businesses and independent workers continue to grow as the barriers to starting a business remain low. Statistically, one out of every 10 of your members may be a small business owner, and chances are these small businesses’ financial needs aren’t being met. Many credit unions are offering robust businesses for the first time. The early adopters are benefiting from increased engagement and organic deposit growth.
Read co-founder and CEO Steve Robert’s CUNA Councils article on how credit unions can become the back-office of choice for small businesses and remain at the center of their banking experiences. With competition heating up in the small business market, credit unions will need to find a low-cost way to grow deposits while maintaining a balanced portfolio and gaining a better view of their members.