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Virtual conference screenshot Jack Henry & Associates Senior Director of Strategy Lee Wetherington presents during CUBG’s virtual conference.

The economic upheaval resulting from the COVID-19 pandemic may have left some credit union leaders wondering if it’s wise to serve small- and medium-sized businesses (SMBs), but now is in fact an opportune time to do so – as long as they commit to engaging with them via full-service digital tools, according to Jack Henry & Associates Senior Director of Strategy Lee Wetherington.

Wetherington, who presented Wednesday during a virtual conference hosted by the Portland, Ore.-based business services CUSO CU Business Group, explained that despite a stalling of small business revenue since June and numerous bankruptcies happening in industries such as travel, hospitality and food services, new business applications jumped between April and August and according to Cornerstone Advisors research, the pandemic exposed a $371 billion opportunity for financial institutions to provide accounting and payments services to SMBs.

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Natasha Chilingerian

Natasha has served as an editor for CU Times since March 2015. She also served as a communications specialist for Xceed Financial Credit Union (now Kinecta FCU) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer for more than 16 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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