Credit unions are traditionally considered to be part of the community banking market focused on providing retail banking. But today, many of them are attempting to attract larger businesses which is blurring the line between retail banking, small business banking and cash management solutions.
Retail banking of consumer banking focuses on serving the needs of individual customers. SMB digital banking is like retail banking with ACH/wire capability and approvals. Cash management solution refers to the collection and management of business cash flows. These three services that were once distinct categories are now becoming a universal business need. This is confirmed by a recent study conducted by JPMorgan.
In their efforts to improve their services to remain relevant, credit unions and community banks should choose a technology partner that understands the evolution of the small business sector and is prepared to support it. They should remember that digital banking must also evolve to meet the changing needs of the business market.