The Official Blog of United Solutions

The Core

A Member Centric View is the Best Approach to New Business

By: Darren Allen

January 26, 2017

One of the best kept secrets in the credit union industry is the impact of business banking.  If one takes a holistic view, they may ask “What would it take to do business with a ‘one stop shop’ for all personal and business banking needs?” Consumers today expect the one stop shop approach for all of their banking needs. Consumers are also looking for competitive product and services combined with great service. This opens up an opportunity for credit unions to increase loan growth by offering competitive business lending and deposit products.

United Solutions has the scalability to help expand your commercial lending power and increase deposits. ComCore through the XP2 system provides business-centric views, extensive account analysis capabilities and flexible customizable options in real time. The account analysis program has been highly beneficial for business members who have a need for cash management services. The earnings credit rate for the statement period is a competitive product while still providing the credit union with the ability to offset costs for a high transaction volume including checks written, items deposited, and night depository items. This also adds the ability to automate the processing of higher volume deposited items through automated check holds, teller capture, and production of electronic cash letters. The balance management feature automates the processing of transfers for multi-tiered accounts and provides the ability to maintain balance thresholds. Since ComCore system is business centric, not membership centric, this relationship can be easily identified and linked for combined balances through account analysis.

 ComCore delivers the expanded payment options necessary to book and service commercial loans. This program offers the capability to manage Small Business Administration loans as well as purchased or sold participation loans. The strong ComCore lending platform is directly linked to the XP2 core system for the ability to view and track the full business member relationship. This programmatic approach will be key information for staff to make informed decisions about business lending needs.

Members expect great service from their financial institution, so service alone is not the driving factor for new business. An all-inclusive banking approach combined with competitive product and service offerings at a friendly neighborhood credit union will be explosive for loan and deposit growth. Get ready for it! 

Darren Allen