Developing a Small Business Growth Plan
The estimated 27 million small businesses in the U.S. represent a significant opportunity for financial institutions. Despite the all-encompassing term "small business," the group is incredibly diverse and has unique financial needs. Understanding and serving these needs is critical to providing the optimal small business banking experience and to growing the relationship with these entrepreneurial customers.
Not that long ago, commercial lending was considered the beginning and end of small business banking. That's still an important piece of the puzzle, but small businesses are increasingly looking for more from their financial institutions.
Small businesses appreciate having a relationship with a financial partner who is accessible, engaged and understands their business and needs − from online and mobile banking to innovative payment options and cash management tools.
In the video below, George Noga, senior vice president and managing director, Revenue Enhancement, offers insights into the small business opportunity.
Small Business Topics at Forum
Small business is clearly a hot topic for credit unions, with lending to the category up 8.3 percent in the past 12 months, according to the National Association of Credit Unions. Reaching this market will be an important part of our conversation at Forum 2013, the fall conference for credit union clients, which begins September 9.
Fiserv is offering a number of opportunities to learn more about small business growth strategies for credit unions at Forum. Sessions include:
- How to Attract and Retain the Most Profitable Members Your Credit Union Serves: Small Businesses
- Shifting the Paradigm of Small Business: Characteristics that Differentiate and Define Small Business Members
- The Revenue Potential From Small Businesses for Credit Unions
- Small Business Banking: The Secret is in the Bundle
For clients not attending Forum, presentations will be available in the Boardroom Series, where you can also reach out to relevant topic experts.