Inside Marketing: New year, new growth strategy

As credit union leaders reflect on the past year and look toward the new year, growing deposits will continue to be a priority. Deposits are the lifeblood of any financial institution, and emphasizing deposits in 2024 is key to long-term growth and stability.

There is an opportunity for credit unions, as community-driven entities striving to serve their members, to further deepen their local ties and community relationships while growing deposits and serving a market previously underserved or untapped: small businesses.

Understanding the specific needs of small business members

To thrive in today’s competitive financial services sector, credit unions must expand their offerings to include solutions unique to SMBs that drive operational efficiency.

Consider offering business-specific accounts with comprehensive digital banking abilities that mimic the retail banking experience. Offering features attractive to business owners, such as low fees and higher deposit limits, can help secure small business members. Providing business credit cards with unique treasury management services allows for easy tracking of business expenses. Other services like integrated accounting software, remote deposit capture and fraud protection can also help credit unions stand out in an increasingly competitive landscape.

 

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