Credit union memberships are not comprised solely of individuals; businesses are also an essential component. With the competitive nature of the financial industry, it is important to ensure you are offering the right products and services to attract and retain business accounts
Your credit union members are not the only ones looking for convenience when it comes to banking; businesses are as well. Emphasizing convenience is one way your credit union can set itself apart from other financial institutions.
Credit cards, online banking, and mobile banking are all features that will assist you in appealing to businesses. There are over 13 billion small business credit card accounts in circulation, and these cards account for $430 billion in spending.
In addition to offering widely accepted credit cards, MAP’s online and mobile banking technology also provides convenience to businesses. The mobile app allows companies to manage their accounts, control their cards and set transaction alerts to reduce the risk of fraud.
In order to stand out from the crowd, get creative in your marketing to businesses. Not everyone has a large marketing budget to launch a campaign so consider cross-selling using the technology you already have like ATM messaging.
Going above and beyond to exceed current member expectations is a great way to garner word of mouth advertising. According to Nielsen, 92 percent of consumers trust a recommendation from a friend or family member over traditional advertising.
The final piece to effectively marketing to businesses is communication. Credit unions were built on the foundation of “people helping people.” Using this narrative can help credit unions show they understand the unique challenges small businesses face.
Along with promoting your credit union’s values, communicating your dedication to delivering the latest technology is also beneficial to businesses. Mobile banking, risk management, and fraud detection are services that will help assure businesses you are there to help them grow.
Is your credit union looking to expand its business portfolio? Contact MAP today. We are here to answer any questions you may have about technology and develop a strategy that will work for your credit union.