Mountain America Credit Union Loan Rates – Author: Miriam Cross CloseText About Miriam twitter MiriamSCross Email miriam.cross@arizent.com linkedin miriamcross September 6, 2023 at 2:02 pm. ET Read for 6 minutes
Sandy, Utah-based Mountain America Credit Union has evolved its small business banking products over time to keep pace with technology.
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Credit unions are known to focus on specific communities or affinity groups and provide personalized service. Traditionally, this has meant focusing on the consumer rather than the consumer
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A Datos Insights survey of 1,000 small business owners in the first quarter of 2023 found that more than 50% of small businesses consider one of the four largest US banks as their primary financial institution. However, their interest is growing
Enter the small business space with comprehensive digital products, from cash management tools to fintech integrations. The reasons are varied, including increasing deposits to stimulate fee income and deepening relationships with members, some of whom are entrepreneurs, as their needs become more complex.
“They feel they don’t fully understand the needs of financial institutions,” said Christine Barry, director of banking and payments insight and advisory services at Datos Insights.
“They don’t have a huge branch network, so that’s also important in terms of end-user options,” Barry said. “Small businesses are increasingly looking to the institution’s digital presence – the tools and capabilities it can offer, and the ability to self-manage anytime.”
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“It’s about convincing your existing member base that they want to set up their first business account here because a lot of them typically have consumer accounts or use Square or PayPal,” he said.
Organizations that persist in using outdated credit tools risk being left behind by business customers who have faster, more convenient credit options.
“A lot of stereotypes in the industry are that credit unions are limited in what they can offer,” said Kyle Guest, vice president of business services at the $17 billion institution.
When Mountain America (MACU) began offering small business banking more than a decade ago, its services were very similar to retail banking. Over time, MACU has improved its online and mobile banking capabilities for business owners and began making larger investments in business services five years ago.
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Members can now access checking and savings accounts, Small Business Administration loans, lines of credit, cash management tools (such as remote deposit capture and take-home pay), credit cards and more on the credit union’s website. they can find.
“This is because of the constant changes in business and technology,” Guest said. For example, the way businesses collect payments from customers has changed from cash and checks to electronic means. “Companies will ask us, ‘Can you let me pull a file from my accounting system to send payroll? They have a list of specific needs. If we’re not prepared to meet those needs, we’re going to lose the opportunity.’
MACU relies mainly on fintech partners to support its business suite, including Alkami for digital banking; Jack Henry for core processing and remote deposits; Plaid for various integrations; and so on.
Digital banking providers have expanded their product portfolios to meet this growing demand. Key features to consider for credit unions include seamless, real-time payments; integration with third parties that small business owners value, such as accounting software; cost management tools; and cash flow forecasting.
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In other words, “offer them anything that can help them run their business better and get back the money they’re owed,” Barry said.
Launched in August, Nymbus is a suite of business banking software for SMB credit unions and community banks that includes invoicing, cash management tools, cash flow analytics, a digital banking platform and what Nymbus calls a concierge service. He co-designed the product with Michigan State University Federal Credit Union in East Lansing, Michigan.
Apiture’s digital banking platform includes cash management, fraud prevention and detection, and more. provides related tools. It released business insights capabilities in the first quarter of this year and redesigned the ACH enablement workflow to streamline workflows for small business users.
“We’re getting more and more feedback from our credit union customers that they’re interested in more features to support small businesses,” said Jennifer Dimenna, senior vice president of product at Apiture. “They’re looking specifically at fintechs that provide niche services. companies and bring those services to us, hey, have you thought about integrating with this company or that company?”
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The top two requests from credit union customers for Apiture are real-time payments and a business financial management tool where business owners can analyze operations and see recommendations for improvement.
Dimenna said there isn’t a lot of difference between what tech banks and credit unions are looking for, but “what stands out is that credit unions take this approach to service and treat their members equally.”
Digital banking provider Bankjoy updated its business banking platform in May, adding security and fraud prevention tools, the ability to aggregate accounts from multiple institutions, and integration with third-party providers like QuickBooks.
Lafayette Federal Credit Union in Rockville, Maryland is one of Bankjoy’s customers. Bryan Bast, senior vice president of operations for the $2 billion agency, estimates that Lafayette has been serving small businesses for about two decades, starting with local mom-and-pop stores.
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“It’s grown over the last few years to include some mid-sized and larger companies that need more solutions,” Buster said. “Not just a checking or savings account, but control your own digital bank. Experience and provide ACH and controlled. deposit services.”
He says Bankjoy is helping Lafayette bring digital business banking capabilities together in one place, including online banking, ACH transactions, remote deposits and money transfers.
The credit union switched to Bankjoy in March 2022. Lafayette surveys its members annually. “Since moving to Bankjoy, our digital banking experience has gone from being a pain point to one of the things that has improved the most,” he said. “It’s a complete 180 degree.”
Dean Jenkins, vice president of product marketing at digital banking provider Q2, believes that credit unions are better able than banks to meet the needs of their members and tailor the customer experience accordingly. Launching in 2021, the Q2 Innovation Studio gives financial institutions access to pre-integrated fintechs, including those helping small businesses with payroll, accounting, expense management, lending and financial management.
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“It’s still early days, but there’s been a lot of interest from credit unions,” Jenkins said.
Serving small business owners “has been a challenge for decades where branch locations and personal interactions were the differentiators,” Jenkins said. “Now, the digital advantage has begun to level the playing field for small and medium-sized financial institutions, whether they are credit unions or banks.”
“There are things (the biggest banks) can do on the technology side that we can’t do, so we’re not going to participate in those efforts,” he said. For companies $30 million and under, we have strengths in many areas and can serve them well without compromising on technology.” Leaky homes, dental work, vacations? Some of us rush to payday lenders for convenience and quick cash. Others, borrowers they usually choose payday loans that are paid in equal monthly payments that are managed. However, both options are very expensive, which requires a loan from another source of credit – a credit union. If you are looking for such a lender, MACU is the right choice.
MACU offers credit union loans as fast as same day. But what makes it an attractive option is that you can skip up to two payments in a year for just $25.
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So what are your thoughts on MACU as a lender? Want to learn more about their services? Let’s take a closer look in this comprehensive review that covers everything you need to know about this feature.
Mountain America Credit Union is a nonprofit, full-service financial institution with 800,000 members. It helps its members achieve financial freedom. Most of these are accurate, at least according to the lender’s website, as it offers a variety of affordable loans and other financial products at relatively affordable interest rates.
These services include personal loans, student loans, business loans, mortgage loans, mortgage refinancing, lines of credit, retirement plans, insurance, and more. including a number of financial services.
With more than 90 branches in five states, the credit union offers great convenience to its members. To bring services closer to its members, MACU has adopted online banking. There’s also a mobile app that lets you put your account in the palm of your hand.
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Credit unions typically work with all types of borrowers, whether they have good or bad credit. But to apply for a loan, you must first become a member. They are not for profit
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