Why business credit cards belong on your 2018 roadmap
Is your credit union building today for the future needs of your membership – both consumers and businesses? Here are a few reasons building a competitive business credit card program may be a great fit for your 2018 product roadmap.
- Millennial opportunity. Nearly half (49 percent) of Millennials intend to start their own business in the next three years, and they’d be willing to do it in the next 6 months if they had the right tools and resources (i.e., credit). If even half of these Millennials follow through with their intentions, just think of the tremendous opportunity it will provide your credit union to meet their cash flow and purchasing needs.
- Better member experience. It’s not uncommon for business owners to rely on their consumer credit card for corporate expenses, especially when they are first starting out. But as their business grows, so does the need for financial products to support that growth. The opportunity to better serve your existing members carries a much lower risk than launching a product for the objective of gaining new members.
- Community focus. One effective way for credit unions to live out “People Helping People” is to help local businesses and, as a result, the people they serve. Small- and mid-sized businesses are well-aligned with the local nature of credit unions, and those who own them often carry an influential voice in the community.
