SCOTTSDALE, Ariz.—Credit unions have spent years searching for new sources of growth, yet one of the biggest may already be sitting in their branches and membership databases: business owners whose commercial banking relationships are somewhere else.
Just 5% of U.S. businesses with annual revenue between $100,000 and $100 million consider a credit union their primary business banking provider, according to new research from Cornerstone Advisors. Yet nearly half are at least somewhat likely to change primary providers within the next two years, including roughly one in five already looking or planning to switch.
That combination—a tiny credit union market share and surprisingly high willingness to move—forms the central opportunity identified in Winning the Business Banking Market: A Strategic Blueprint for Credit Unions, a Cornerstone report commissioned by Nymbus. The research was authored by Cornerstone Chief Research Officer Ron Shevlin and Director Elizabeth Gujral. The findings are based on a January-February 2026 survey of 1,249 business owners and executives with decision-making authority over their companies' banking and financial operations.
The potential market is enormous. Cornerstone estimates there are approximately four million U.S. businesses generating between $100,000 and $100 million in revenue. Together, they generate about 45% of private-sector GDP and employ roughly 45% of the private-sector workforce. Yet the report argues credit unions have largely treated business banking as an extension of consumer banking rather than as a market requiring its own strategy, technology and expertise.
The problem isn't member business lending limits, Cornerstone found. The average credit union has less than 5% of assets in member business loans. Instead, Shevlin and Gujral contend the problem is strategic: business banking often isn't a priority and is staffed, priced and marketed too generically.
The Opening: Stop Being Generic
The strongest path into the market, according to the research, isn't simply better rates or louder marketing. It's specialization.
Eight in 10 businesses surveyed said they would seriously consider switching to an institution offering products or services designed specifically for their industry. And more than six in 10 reported experiencing a pain point with their bank during the previous two years, with lack of industry-specific expertise or knowledge ranking as the top problem. When asked about moving to a financial institution purpose built for their industry, 35% said they were very likely to seriously consider it and another 42% were somewhat likely.
That creates opportunities across specific verticals. Restaurants reported problems getting financing aligned with equipment and buildout schedules, along with shortcomings in tip management, daily cash reconciliation and underwriting that recognizes restaurant revenue patterns. Healthcare businesses cited financing that fails to account for revenue cycles, HIPAA-compliant payment processing and practice valuation. Construction and real estate firms pointed to underwriting that doesn't reflect project-based revenue and a lack of bonding, surety and project-level cash-flow tools.
Cornerstone argues that specialization can create a competitive advantage difficult for larger institutions to quickly copy.
“The power of the vertical model isn’t just in the product catalog—it’s in the underwriting. Most banks deny or misprice credit because their underwriting models were built for a generic business that doesn’t exist,” the report states.
The report cites KeyBank CEO Chris Gorman on the strategy: “We have strategically selected seven industry verticals in which we have dedicated expertise... I do not believe that traditional scale is the answer.”
Start With Members Already In The House
Credit unions may not have to begin by stealing customers from banks. Cornerstone recommends first identifying existing members who own businesses.
Nearly 30% of surveyed business owners said they would be more likely to consider a credit union for business banking if they already had a trusted personal relationship with it. Cornerstone said many credit unions don't systematically identify which members own businesses.
The report points to Michigan State University Federal Credit Union's experience building Pillur, its standalone small-business banking platform on the Nymbus core. MSUFCU Chief Experience Officer Ami Iceman-Haueter said, “We’ve got a lot of people who had been using their consumer accounts as commercial accounts, and we know that there are better tools out there for them.”
Importantly, credit unions also don't need to win the entire banking relationship immediately. Roughly six in 10 businesses use more than one bank. Half maintain a checking account with another provider, 34% have a business credit card elsewhere and 31% have savings or money market accounts away from their primary institution.
Digital Can't Be The Weak Link
Industry expertise alone won't be enough, however. Cornerstone found 41% of business owners said a credit union's digital platform would need to be comparable to or better than their current bank before they would seriously consider moving their primary relationship.
Businesses increasingly expect their bank to connect with the software they already use. Sixty-nine percent use payroll software, 62% use dedicated accounting software and about half use invoicing and payment platforms. Yet fewer than six in 10 have accounting software integrated with their bank, while only 46% have bank integration with their ERP system.
MSUFCU's approach included invoicing, multi-person access and role-based permissions. Iceman-Haueter said, “You can do the day-to-day management of your business from our platform without needing to log in and out of several different systems.”
The opportunity even extends beyond deposits and loans: more than seven in 10 businesses said they would pay for a platform that reduces the complexity of managing financial operations, including 6% willing to pay more than $100 monthly if the value justified it.
A Nine-Part Blueprint
Cornerstone ultimately lays out nine moves for credit unions: select an industry vertical; convert existing member business owners first; develop referral networks with CPAs, attorneys and other advisers; lead conversations with cash-flow solutions rather than loans; prove industry expertise rather than simply advertise it; bring business banking expertise into branches; tailor offers to a company's lifecycle; rely on technology partners for integrations; and choose platforms purpose built for business banking rather than consumer systems with business functionality bolted on.
The takeaway from Shevlin and Gujral is that credit unions' traditional message about mission and community isn't enough to capture the opportunity. Business banking has to become a distinct strategic priority supported by specialized people, underwriting and technology.
As the authors conclude, businesses aren't waiting for credit unions to catch up: “The opportunity for credit unions to be that something better is here.”