A new CUNA Operations, Sales and Service Council white paper explores why business services may be more important now as some credit unions experience less demand for loans.
The "Implementing Business Services" paper discusses the steps to launch a business services program including defining a market and niche, finding experienced staff, services to offer, the board buy-in and proposal, marketing to existing members, cultural change and training, and finding the right CUSO.
"Some credit unions are finding that the demand for loans is soft but the need for business services is becoming increasing important, especially for those businesses that couldn't find services from a bank, or had lost services from a bank. Business services can be one way to make up for lost income during these times of slim margins," according to the council.
The white paper is available for free to CUNA Council members and for $50 to non-members.