Credit unions have become hugely popular over the last few decades for a number of reasons. For starters, they offer a more personalized and member-centric approach to financial services that a lot of larger organizations simply cannot match. They also offer safe, reliable services that members have come to depend on and even expect.

Navigating a credit union's loan application process can often feel like an arduous obstacle course. The mountains of paperwork and tedious data entry involved can lead to errors and delays. However, there is a tech-driven solution on the rise: automated loan decisioning. By leveraging specially designed algorithms, this trend aims to digitize and simplify the loan application process, reducing paperwork for credit union employees and members, saving time, and minimizing the chances of human error.

Savvy credit union leaders understand that there have been a few key drivers of both deposits and loan growth in recent years. Better marketing campaigns that effectively target younger members are one of them, as have been more aggressive offers that people just can't help but say "no" to.

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.

Credit union loan balances are growing steadily, increasing from 5.3% in 2020. Experts predict loans to escalate 9% each year in 2022 and 2023 after the economy returns to normal, infrastructure expenditure begins, and unemployment levels decrease. As loan balances continue to rise, credit unions are searching for strategies to increase direct lending that will boost profits and set the stage for cross-sales.

Although the pandemic made it clear financial institutions were all in the same storm, each credit union's boat was entirely different. For instance, some credit unions have been able to capitalize on rapid digitization, while others may not have been as fortunate. In either case, it's important to learn from the lessons doled out over the last two years and use them to strategically plan for the future. Let's look at three New Year's Resolutions credit unions can use to drive growth in 2022 and beyond.

Efficiency is the goal of every credit union executive, increasing revenue while operating in a lean environment. Lending is the bread and butter of the credit union's revenue stream, and many credit unions are looking to grow their loan income without increasing staff count and expenses. There are several ways to bump up direct loans efforts but it all starts with your employees. Your staff is the most essential element when it comes to creating a seamless member experience. After all, that’s one of the primary reasons people choose credit unions - for their outstanding member service. Here are 10 ways you can optimize your staff roles and operations to grow direct loans, and one way you can promote it: