When it comes to loan originations, credit unions are leading the pack. According to an analysis of NCUA and FDIC data conducted by the Washington-based consulting firm Callahan & Associates, credit unions originated almost twice as many loans as banks did in the second quarter of 2015. Do you know what that means for you?
If your credit union was a part of that big bump earlier this year, or if you want your CU to get in on more of the action, then take note. CUs have an advantage over commercial banks with a more member-focused and less sales-oriented approach. But, there is more to the story than not being overly pushing with marketing tactics.
The fact that CUs are keeping pace with mobile banking loan applications is aiding in healthy loan originations. But offering creative lending solutions that are supported with technology is just the beginning.
Successful institutions are bringing in younger applicants with mobile apps that provide instant mobile lending decisions at their fingertips. Going paperless from the initial stages of a loan request through servicing can be achieved with the right core technology and subsequent integrated apps in place.
Credit unions wanting to keep pace with consumer satisfaction cannot rely on the same old, same old. Bringing new technologies to the forefront can maintain consumer confidence for personal banking needs and keep this loan origination trend on the upswing.