First Commonwealth Federal Credit Union Puts Business First

We spend a lot of time in these articles discussing in detail how online financial brands use amazing modern technology and the latest digital marketing innovations to better serve their B2C customers. However, today it's time we have a look at the other side of the banking business and discover the way one credit union is supercharging its B2B offering.

The B2B banking space finds itself in a curious place. While digital innovation in B2C banking is evolving and accelerating at a sometimes-alarming pace, the reverse is true of its B2B peer. The reasons for this are many, and we'll get into them in short order - but the comparison between the two sides of the banking business is stark enough to warrant attention.

However, First Commonwealth Federal Credit Union is introducing new innovations to address this disparity and bring B2B banking's customer experience more in line with B2C.

B2B Banking

Recent research reveals 95% of commercial banking customers expect the same level of customer experience in their B2B financial interactions as they receive during their B2C ones - especially when it comes to digital services. Why, then, are commercial banks lagging so much when it comes to innovating their customer experience?

45% of survey participants said they felt the market was settled with little competition, and a further 3% stated they saw no financial motivation to disrupt their present offering.

In the same research white paper, when asked what commercial banks needed to do to thrive in the modern financial environment, 35% of respondents said they needed to be more adventurous and take more risks when it comes to innovation. Moreover, 45% stated commercial banks need to re-evaluate the overall customer proposition.

"Commercial banking executives are beginning to see a more immediate need to build on customer experience in the B2B sector," write the research authors. "Interesting to note that most of our survey respondents selected multiple answers when asked if they saw a place for any consumer-style tools in the commercial banking space. This suggests that banks are not focusing their efforts solely on one piece of innovative technology. A blended approach to innovation seems to be preferred."

First Commonwealth Federal Credit Union

In an effort to address this disparity between retail and commercial banking, First Commonwealth Federal Credit Union has recently announced the launch of Business First.

Business First will augment First Commonwealth Federal Credit Union's commercial banking offering with a new level of personalized concierge business banking solutions, designed to make B2B banking feel just as important and personal as B2C. Business First will be run by dedicated teams of experts who specialize in the commercial side of banking and fully understand the specific challenges and pain points faced by businesspeople when it comes to managing the finances of their brands.

Each business member of First Commonwealth Federal Credit Union will have their own assigned team who will offer them next generation services such as a personalized concierge service, fast local decisions, trusted experts, better value, all backed by the latest digital technology. On top of this, members will also be able to access free networking, education, financial wellness resources, and many other value-adding features.

"Every business owner needs a trusted partner to help nurture and guide their entrepreneurial spirit and balance everyday business needs," said First Commonwealth Federal Credit Union Chief Lending Officer, Kevin Brown. Naturally, that's where we come in. Each member has a dedicated local Business Solutions Manager who really knows their business and is passionate about providing a personalized service and comprehensive business solutions. Their local team of business solutions experts are real people ready to deliver personalized experiences when, where, and how you and your business needs them."

Members will also have access to Work First, a partner program which give the families and employees of members exclusive access to First Commonwealth Federal Credit Union services including, banking, borrowing, saving and investing solutions, 24/7 access, and free financial counselling.

"What makes our Business First and Work First programs a powerful combination for business owners is that it allows us an intimate understanding of your business to ensure we can be a trusted advisor and partner in helping you achieve your goals. Our goal is to help empower the pursuit of financial happiness for more businesses, individuals, and families throughout the diverse Lehigh Valley," added Brown.

Final Thoughts

Commercial banking has a long way to go before it catches up with the kinds of customer experiences offered by its retail counterparts. However, with innovative offerings such as Business First and Work First, First Commonwealth Federal Credit Union is proving it's on the right track.

You can hear First Commonwealth Federal Credit Union Chief Marketing and Experience Officer Tricia Szurgot speak at Future Digital Finance 2022, taking place in March at the Hyatt Regency Miami, FL.

Download the agenda today for more information and insights.