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Credit Union Swot Analysis Paper

1688 Words7 Pages

Introduction

BECU was created in the 1935 by a small group of Boeing employees. The group sought to provide a service that would help people buy the tools they needed to work. It was difficult to obtain the money to buy these tools because of the height of Great Depression. As a result, William Dodge started the credit union with his fellow companions to make a difference. The credit union is still guided by its past values of helping people and bring people together even today.

SWOT Analysis

Strength

BECU is a non-profit institution that provides numerous financial products and services to members. The credit union is a member-owned business that has developed loyalty and trust with their community involvements. It is one of the largest …show more content…

Credit unions offer basic accounts for basic banking such as paycheck deposits, bills, and regular debit card purchases. Having no shareholder investments means they lose high funding for more options. In fact, Bank of America currently offers a wide variety of credit cards, different types of checking and savings accounts, and a host of loan and investment products. Furthermore, BECU offers Certificate of Deposits rates that are lacking since it gets the same rate in online savings accounts and has easier access to cash. The CDs come with low APYs of 0.25% APY to 1.06% on …show more content…

It is an opportunity that will use technology to have leverage over other credit unions. Financial technology can contribute to fresh technology solutions for banks and improve trust. There is product offering through data analytics tools that offer deeper engagement with members. For instance, Well fargo created its own AI team to provide more personalized services and strengthen digital offerings. The program is, “explore emerging technologies in analytics, cyber security, payments, AI, mixed reality, and other areas in pursuit of breakthroughs for financial services”. The Fintechs are using artificial intelligence and blockchain technology for customer experience. The benefits are will provide access to funds for long term growth, and the business will be more sustainable. It will reduce operation costs and increase efficiency within the structure of the business.

BECU has an opportunity in the commercial lending market. Commercial banking is the relationship for considering complex commercial borrowing needs. The company could improve the structure for understanding of the right commercial business loan for financing requirements. Commercial Lending gives information and advocacy to help the credit union and win in its targeted commercial market segments. It could be for purchasing properties such as industrial, commercial, office, medical, retail, restaurant, and

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