Meeting the Needs of Small Businesses: How credit unions can leverage NewtekOne's one-stop shop for growth
By Andrew Kaplan, Chief Strategy Officer, NewtekOne
November 15, 2024
Research from Raddon highlights a significant trend among small businesses: 70% now express a preference for consolidating their financial services with a single provider. This shift underscores the growing need for streamlined financial management solutions, particularly among small business owners eager to save time, reduce complexity, and focus on what matters most – growing their business.
For credit unions, this trend presents a powerful opportunity to better support their small business members. By offering a broad range of integrated financial services under one roof, credit unions can help their members manage cash flow, payroll, payments, and more in a cohesive, efficient way. The concept of a one-stop shop resonates strongly with small businesses that are looking for simplicity and reliability in their financial relationships.
The value of an all-in-one financial solution is clear. Small businesses benefit greatly from bundling services such as merchant processing, payroll, and insurance through a single institution. This approach not only simplifies daily operations but also reduces the administrative burden of dealing with multiple service providers. It enables business owners to maintain better financial oversight, build stronger relationships with their financial institution, and ultimately achieve better long-term outcomes.
For credit unions, offering these integrated solutions does more than just address a need – it strengthens the relationship with members. Providing a one-stop shop for financial services can foster deeper member loyalty, increase engagement with the full suite of services, and establish the institution as a central partner in their members' financial journey. As small businesses grow, the credit union that supports them with comprehensive financial services becomes a trusted partner in their success, leading to increased deposits and a more stable deposit base.
This is where NewtekOne can play a pivotal role. Our comprehensive suite of solutions empowers credit unions to offer the breadth of services their business members need. By partnering with NewtekOne, credit unions can deliver everything from lending solutions to payments, payroll, insurance, and technology support. This approach not only simplifies the financial lives of small business members but also positions the credit union as their go-to provider, enhancing the member experience and supporting their growth.
Empowering Credit Unions and Their Members
The opportunity to become the preferred partner for small businesses lies in the ability to provide a truly integrated experience. At NewtekOne, we believe that credit unions can play a critical role in helping businesses navigate their financial challenges and take advantage of growth opportunities. By offering a comprehensive range of services under one umbrella, credit unions can differentiate themselves and deliver exceptional value to their members.
NewtekOne’s partnership model is designed to help credit unions retain existing members, attract new ones, and ultimately grow their deposit base. Their goal is to enable credit unions to support their members’ success – because when small businesses thrive, the credit unions that serve them thrive too.
Connect with NewtekOne to learn more.
About NewtekOne
Businesses expect more and NewtekOne (NASDAQ: NEWT) delivers core solutions that help businesses grow. As a partner, NewtekOne provides SBA lending services, business financing, merchant processing, payroll, insurance and website/technology services that credit unions can offer to members.