MIRAMAR, Fla. -
But, said Bert Bryan, CTP, President of CU Business Capital, credit unions won't be able to take advantage of that opportunity without the proper tools.
Bryan noted, for instance, "We have everything a credit union needs to attract business, employees and their owners in ways they've never seen before." He pointed specifically to a product set that enables credit unions to offer cash management, business deposit and business lending services to SEGs and business members.
"Without this product set, they will not come," he said.
Bryan plans to share his vision on why a complete business services program is an "Irreversible Trend" for credit unions during the Credit Union Journal's 8th Annual Business Development & SEG Conference, April 12-13 at the Hyatt Regency in Boston.
"We're very excited about the credit union movement and the opportunity that is there," he said, explaining that as more bankers consolidate, more doors open for CUs to step in.
"There is a high degree of frustration by business owners having to deal with new managers, new branches and new checkbooks (every time their bank consolidates)," he said. With a long tradition of staying put and serving the needs of their members, CUs now have a chance to capture this new audience.
With about $200 billion in financial services being generated annually by about 23 million small business in the U.S., the potential is there for CUs, Bryan said. And, because he's aware that it can be intimidating to start up a business services program, his team has created an approach that includes consulting and training services along with the exact mix of business products and services they'll need to make it successful.
CUBC, a CUSO originally chartered by Eastern Financial Florida Credit Union, is a national CUSO focused on providing business services to businesses.
For info: www.cubusinesscapital.com.
