LAKE MARY, Fla.-Beware the community banks and credit unions that have begun to develop relationships with small businesses, said Sam Kilmer, VP-market development at Harland Financial Solutions here."
I could see credit unions who want to go after businesses in 2012 on a collision course with credit unions and community banks that already have," Kilmer explained.
Small businesses offer opportunities for growth, but CUs may not be adequately prepared to support commercial services, added Ted Bilke, president at San Diego-based Symitar.
"With the recent movement of consumers from banks to credit unions, there's an opportunity to make an even bigger impact by tooling up to support more of the small businesses that are disenchanted with the lack of service and sophistication offered by banks," Bilke said. "Small businesses become the backbone of a recovering economy and need the focused attention and innovation for which credit unions are known. Small businesses can be influential in drawing new members and in being advocates for the credit union to other businesses."
From a technology standpoint, credit unions can respond to small businesses with business bill pay, payroll, ACH origination, wire transfer and remote deposit capture services, he continued. "Make sure you cast the widest net possible by offering a full complement of services."
