When it comes to the barriers that tend to prevent a credit union’s business services program from thriving, a lack of knowledge from staff appears to be ranked the highest.
CU Business Group LLC discovered that finding when it surveyed credit unions for its latest Business Deposits Survey. System constraints were a close second followed by branch and operation infrastructure.
Meanwhile, the majority of those surveyed are currently offering business debit and credit cards followed by business online banking. The product that is poised to become the biggest must-have in the next three years is remote deposits. While 41% currently offer the service, 22% that do not, said they planned to have it in place by 2014.
On the other end of the spectrum, positive pay and sweep services were the least offered services among those surveyed.
The Portland, Ore.-based CUBG is a business lending and deposit services CUSO with more than 360 credit union partners.