OpSS Council White Paper Released on Implementing Business Services
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.
“Implementing Business Services” is a recently released white paper by the CUNA Operations, Sales & Service (OpSS) Council which focuses on the business services side of credit union operations.
According to the paper, small business owners are searching for a financial institution that they can trust; they are especially looking for a stable, long-term relationship. Many of these 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.
Some credit unions are finding that the demand for loans is soft but the need for business services is becoming increasing important, especially for those businesses that couldn’t find services from a bank, or had lost services from a bank. Business services can be one way to make up for lost income during these times of slim margins.
“Implementing Business Services” is a guide for credit unions planning a business services program. The white paper discusses the steps necessary including: defining your 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 CUSO; and success in business services.
CUNA Council members are entitled to complimentary copies of these and more than 200 white papers; non-members may purchase the white papers for a price of $50 per copy.
The paper is available online in the white paper section of www.cunacouncils.org – select the “OPSS” tab.
Press contacts can download the white paper here (until 8/3):
CUNA OpSS Council
The CUNA Operations, Sales, and Service (OpSS) Council is a member-led partnership of operations, sales, and service professionals dedicated to providing education, leadership, networking support, professional development tools, and expertise to its members in order to shape the enhancement of the role and diversity of operations in the credit union industry. The CUNA OpSS Council is one of the six organizations that make up the CUNA Councils, a network of more than 4,750 credit union professionals. For more information, visit www.cunaopsscouncil.org or www.cunacouncils.org.