86% of Top-Performing Credit Unions Back Open Banking to Retain SMB Clients

U.S. credit unions have long served small and medium-sized businesses through local relationships and trust, but businesses now expect online account opening, mobile management and linked accounts comparable to consumer banking services. PYMNTS Intelligence and credit union service organization Velera say digital capabilities have become critical to retention, with service gaps potentially driving clients to banks.

A report released by the two organizations on March 9, 2026, found that 38% of SMB members were at least somewhat likely to leave their credit union within the next 12 months. Open Banking was supported by 86% of top-performing credit unions, compared with just 13% of laggards, while digital account-opening rates stood at 63% and 25%, respectively. An April 3 update showed that 70% of businesses switching financial institutions preferred to open accounts online, while 90% of top performers offered contactless cards.