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Empowering Commercial Businesses: Fintech as a Catalyst in the Credit Union Mission

Key Takeaways

  • Pursuing small business relationships can be a gateway for overall credit union membership growth.
  • Fintech innovators are jumping in to help provide credit unions with the solutions they need to gain greater commercial banking and lending market share.

At Curql, our focus is on understanding how fintech can reinforce the foundational ethos of credit unions, that of 'people helping people.' This is especially relevant when it comes to enriching and supporting commercial businesses. Fintech partnerships, like renewed focus on commercial businesses, open new avenues for credit unions to reach and assist a broader audience than ever before.

Navigating the Lending Landscape

In line with the credit union philosophy of inclusivity and mutual aid, fintech partners like Foro are democratizing access to commercial lending. Foro employs data-driven solutions to streamline the commercial lending process, making it more accessible and equitable for borrowers. Credit unions partnering with Foro have access to a digital commercial lending marketplace with the autonomy to dictate the types of businesses and regions they wish to serve.

LoanStreet is another fintech ally in this journey, simplifying commercial lending on the servicing side. Their comprehensive solution empowers credit unions to efficiently manage commercial loan portfolios. By centralizing and streamlining otherwise manual and complex processes, LoanStreet helps credit unions start or scale their commercial lending businesses while reducing costs and operational risk. Moreover, it offers valuable insights into portfolio characteristics and trends to capitalize on opportunities.

In a specialized niche, Bowery’s cutting-edge technology provides credit unions with appraisers equipped with instant access to critical data, saving valuable time. This platform integrates seamlessly with public data sources to automatically generate property information and format data-rich appraisal reports, streamlining the appraisal process from start to finish.

The impressive 24.5% growth in commercial loans outstanding at credit unions in 2022, surpassing banks, demonstrates the potential of this market segment. With solutions from Foro, Loan Street, and Bowery, credit unions are better equipped to navigate challenging lending environments.

Revolutionizing Commercial Banking

Credit unions recognize that deposits and everyday money management foster loyalty among consumer members, and the same applies to commercial members. Nymbus offers a comprehensive, fully supported digital banking solution that complements credit unions' existing infrastructure. This platform enables businesses to access a wide array of features, including ACH, invoicing, expense management, payment approvals, and more. Its dashboard provides enhanced visibility into cash flow, aiding businesses in spending, budgeting, and saving.

Bankjoy caters to credit union business members with a user-friendly, seamless digital banking platform. It offers robust security and fraud prevention tools, transaction management capabilities for wire transfers, direct deposits, ACH, integrated account management, and accounting services, all presented through an intuitive interface.

Treasury management takes center stage with Tru Treasury, providing comprehensive cash management advisory, product, sales, and service solutions. Helping credit unions deliver a competitive treasury management offering, capture non-interest income, and grow deposits while operating at a lower cost, Tru Treasury is a game-changer. 

Seizing the Big Opportunity

In the business world, networking is paramount for finding new opportunities. For credit unions, small businesses represent that big opportunity, especially when partnered with the right fintech companies. Collaborating with forward-thinking innovators enables credit unions to gain momentum and reap the rewards of strategically pursuing small business memberships, whether in banking or lending.

Conclusion

The fusion of cutting-edge fintech solutions with the credit union's commitment to putting people first is ushering in a transformative era of growth and community enrichment. Through these strategic partnerships, credit unions are transcending their traditional roles and evolving into powerful platforms that empower small and medium-sized businesses. In doing so, they are not only fortifying community bonds but also strengthening their relationships with members.

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