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Implementing business services is topic of OpSS Council white paper
MADISON, Wis. (7/22/10)--A growing number of credit unions are sensing a market opportunity in developing business-services capabilities for their entrepreneur members. Part of the reason is that a significant number of banks are holding onto their cash and declining to lend and provide services to small businesses, and in some cases, turning away well-established customers, according to a new CUNA Councils white paper. “Implementing Business Services,” by the CUNA Operations, Sales & Service (OpSS) Council, focuses on the business services side of credit union operations. The paper is a guide for credit unions planning a business services program. It discusses defining market and niche; finding experienced staff; services to offer; the board buy-in and proposal; marketing to existing members; cultural change and training; finding the right credit union service organization; and success in business services. Small business owners are searching for a financial institution that they can trust and are especially looking for a stable, long-term relationship, the paper said. Many business owners may already have a mortgage or car loan with their credit union and it would be a natural progression to open business accounts with their credit union, it added. Some credit unions find that the demand for loans is soft but the need for business services is increasingly important, especially for businesses that can’t find services or have lost services from a bank. Business services can be one way credit unions can make up for lost income during times of slim margins. For more information, use the link.
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