News

I just spoke at another credit union-specific products and services conference, and here are some observations:
We are the ostriches with our heads in the sand
The sky is falling. Or not falling. It’s all a matter of perspective…

Consistently producing quality new loans in lending requires avoiding the approval of risky loans that ultimately result in write-offs. However, simply turning away the obviously bad business is not enough.

Marketing to millennials (and for that matter – marketing In general) is a challenge for any organization today, and credit unions are no exception. However, credit unions continue to hold an advantage over big banks in the financial marketplace, in that many millennials favor community-level and cooperatively managed organizations over large corporations.

The automotive sales segment has been strong in this country for years, fueled as much by low gas prices as consistent ongoing consumer demand. Credit unions have reaped their share of the bounty, ending the third quarter of 2017 with auto loan growth totaling more than $329 billion and marking 17 consecutive quarters of auto lending growth measuring in double digits.

Imagine that you have two credit union members applying for an auto loan with your credit union. Both members have identical credit scores, and both are purchasing the exact make and model new car. Do you underwrite and price the applications for both members, exactly the same?

Technology has impacted nearly every aspect of the developed world. In fact, FinTech (technology related to finance) has allowed several processes that were formerly handled manually to be executed by artificial intelligence (AI). Here are some of the most interesting developments in FinTech.

Credit union members enjoy more personalized interactions with tellers, lending officers, and other individuals working for the institution, and are often happier with the service they receive from their credit union than customers of any of your competitors.

The personalized attention provided by many credit unions to their members represents one of the major advantages that credit unions have over large banks. However, there’s nearly always room for improvement.