Credit Union Digital Lending Trends That are Here to Stay

By Preston Packer |

May

27

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.

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Auto-Decisioning: Is It Yes or Is It No?

By Preston Packer |

Nov

07

People are impatient. When they ask a question, they want an answer as quickly as possible. Technology has led them to expect things instantly, and that includes the decision on a loan for something they'd like to buy. They want it now! With the goal of shorter turn-around times, and capitalizing on the revenue a new loan brings, many credit unions have turned to auto-decisioning to expedite loan processing and increase efficiency. In most cases, auto-decisioning makes sense, provided there is enough tracking, measuring, and monitoring in place to ensure that it's working appropriately. Without these safeguards, financial institutions take the chance of increased risk in their loan portfolios.

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6 Benefits of a Centralized Lending Process

By Preston Packer |

Oct

17

There are many ways credit unions can choose to operate their lending process, however, not all methods are created equal. A centralized lending strategy can provide a clear and concise plan for lending that eliminates problems associated with other methods. With other lending practices, there are opportunities for error, not to mention the additional cost that stems from inefficiencies and training. Centralized lending helps to diminish these issues while maximizing employee skills as well as their time. Here are six reasons why centralized lending is the best route for credit unions.

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