Consumers have come to expect sleek and intuitive digital experiences and business owners are no different. Unfortunately, most credit unions do not offer a true business online banking system, and instead, try to use their consumer online banking system to fit businesses. However, businesses often have vastly different needs than consumers, which may not match what your consumer online banking offers.
Now is the time to further invest in digital banking. Key features include online account opening, loan applications, and end-to-end solutions for business banking. Whether you’re considering a new digital banking system or looking at additional features to add to your existing platform, consider how a business will be using the system. Can they set individual user entitlements? Are there additional fraud protection features available such as positive pay? How about tools for plug-and-play products like ACH and sweep accounts?
Security should also be a key consideration. Are there options to require separation of duties and dual authorization for remote transactions? Can the business owner get text notifications or other out-of-band alerts for secondary approvals or to notify them of pending transactions?