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As credit unions look for opportunities to increase profitability, the small business commercial banking sector is rising as a prime target for new acquisition efforts. However, those credit unions that take the lead on market share won’t be approaching the SMB market in the traditional way. Instead, they will need to seize a portion of the $500 billion currently going to non-traditional providers for services such as accounting/bookkeeping, invoicing, bill payment and payment acceptance services.

They will also need to narrow in on the big banks. A Cornerstone Advisors report revealed banks are already generating $11 billion from accounting and payment services alone, but three megabanks have cornered 47% of the market, leaving slim pickings for community financial institutions. In fact, credit unions are at the extreme low end of the scale, serving only 18% of the current SMBs utilizing their financial institution for these services.

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