In July, Q2 released the mid-year update of its 2023 State of Commercial Banking report, which analyzes data from Q2's PrecisionLender proprietary database as well as industry research and public government data. The report reflects actual commercial relationships (loans, deposits and other fee-based business) from more than 150 banks and credit unions in the U.S., ranging in size from small community banks to the top 10 U.S. institutions.
Among the findings was that cross-selling is critically important and now is the time for financial institutions like credit unions to focus on relationship-building and expansion with the small and medium-sized business (SMB) sector.
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