Obviously, one of the most important priorities for any credit union is growth. Now, new research seems to suggest that this emphasis has been paying off in spades. According to the experts at CUNA, credit unions can see loan growth of 20% on average by the end of 2022. To put that into perspective, it is the highest rate of growth of its type since 1984. All told, research suggests that credit union loan balances for members grew by 16% in 2022 compared to 2022. Not only that, but they were also up 10.2% from the beginning of the year.

As a credit union, there are a wide range of opportunities that can be leveraged in terms of more effectively operating your lending process. Having said that, not all methods work equally well for each organization. Only by making an effort to fully understand your audience will you be able to come up with the techniques that fit best given the circumstances.

In an age of two-day Amazon delivery, instant Google search, and personalized lending offers through Credit Karma, your members are no longer satisfied with a slow back-office lending process that takes days to weeks. Instead, credit unions must modernize their lending with a digital loan origination system and powerful analytics.

Today’s consumers have turned to digital solutions to handle all sorts of daily transactions. Unsurprisingly, e-commerce and the use of digital wallets have soared, and so have fintech companies that offer digital banking and digital lending services. Credit unions must keep pace and adapt to the changes in order to thrive.

The game has changed for credit unions when it comes to how they service their member’s needs, especially in terms of digital lending. Because of the rise of fintech companies and app-based financial services, credit union members now want access to fast and easy digital lending services. Although that doesn’t mean branch visits and personalized attention are a thing of the past, CUs who wish to compete and thrive in the future must come up with a well-thought-out digital strategy.

New technologies are rapidly reshaping the way credit unions do business. Digital services are replacing traditional brick-and-mortar services, and it’s likely that this trend is here to stay. For credit unions to keep up with the times and remain competitive in this digital age, they must continue to upgrade their technologies to enhance their digital banking services.

Surviving 2020 was no easy task for all sorts of businesses, including many credit unions. Those that were most effective found ways to be efficient, cut waste, adjust to changes in consumer habits and continue to provide their members with the essential services they need and expect. After all, credit unions were founded on the principles of collaboration and supporting members, and no year has seen more people in need of support than the previous one.

Despite popular belief, digital lending has actually been around for quite some time. It began in the 1990s around the dot-com era with digital mortgage and consumer lending. While it wasn’t a popular solution back then, digital lending today has come full circle. Many financial institutions offer digital lending in some capacity. A recent survey by the ABA shows that digital lending could for 10% of all consumer and small business lending market by 2020. Despite this, there are many FIs that do not offer it, or they only offer digital options for part of the lending process. While those banks and credit unions have certainly gotten by without full digital lending, they are missing out on features and opportunities that it can provide. Here are 5 ways that digital lending can improve your credit unions lending process.