Aite recommended that credit unions work with platform solution providers that offer leading capabilities. These commercial platforms provide the banking experience that SMBs are seeking, with a wide-ranging suite of capabilities that benefit both the end user as well as the bank or credit union:

Ease of use. The user experience needs to be more akin to the consumer products they are using now. Think of it as the "Amazon Effect." Your digital experience will be compared to the look, feel and navigation of other apps like Amazon, TikTok or Netflix.
The ability to offer unified business self-service channels across a variety of functions, such as global cash, trade, supply chain, lending and treasury business. SMBs gain the advantage of anywhere, anytime access to products and services. Credit unions realize a single point of access to member information.
Targeted insights that improve financial institution decision-making by delving deep into SMB consumption of products and services. With the right data in hand, credit unions can more effectively target marketing messages, provide pro-active service, and plan for cross-selling opportunities.
APIs to support continuous innovations, allowing third parties to build the products and services that SMBs want, and enabling banks and credit unions with "flip-the-switch" functionality.
Rapid platform deployment in the banking environment, putting credit unions on the fast track toward increasing their share of the SMB market.

For now, the ability to serve SMBs from a commercial platform is a competitive advantage. As big banks spend their time building on-premise solutions, credit unions can get the jump on customer acquisition by serving the wide range of SMB needs now, improving the efficiency and cost of service to gain market share today.

Instant Insights /

How Credit Unions Can Beat Big Banks in the Commercial Market

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