It’s true. One key to happiness for credit unions is a good mobile lending strategy and enough money can certainly help one achieve it. However, spending money does not always equate to success, and a good credit union mobile banking strategy is not just something you buy. Before seeking answers from industry experts and technology providers, credit unions should first carefully consider the right questions.We want to fund more loans. No question there! But here are some questions every credit union should be asking:
“Reality is just a crutch for people who can't handle drugs.” – Robin Williams
The key to a successful mobile banking and lending strategy is the same as for any business strategy. Embrace reality. Get ahold of the big picture. Know your strengths and opportunities, many of which are determined by your core. Then identify those solutions that are best positioned to serve your objectives and your members.
If you are a credit union that values efficiency, you should consider a mobile lending solution that is tightly integrated into your core lending platform, rather than one that will pull you away from it. Members will feel more at home, and more connected, submitting loan applications from within the mobile banking solution they use every day. Staff will have fewer systems to navigate and fewer systems to maintain. Integrated systems will benefit from features on the core, such as cross-selling, loan decision automation, and paperless integration; and the benefits compound as those systems evolve.
Mobile lending is indeed an important channel, but it is part of a larger, more critical system. Design this key to fit all of the doors in your credit union.
Download our lending eBook and discover how your mobile lending strategy can be seamlessly integrated with all of your lending services.