4 Ways to Lend Members a Helping Hand to Weather Inflationary Pressure

By Preston Packer |

Sep

13

Whether your credit union member earns $30,000 a year or $300,000 a year, everyone is feeling the crunch from inflation. And this should come as no surprise, considering inflationary pressure is at a 40-year high. Even so, many financial institutions are reluctant to discuss inflation in a real way and offer tangible steps consumers can use to reduce the impact. However, your credit union could be the lighthouse that helps members weather the storm and navigate their way through the fog. Here are four key marketing messages and campaigns credit unions can use to help your members and your bottom line.

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Optimizing Revenue Streams for Credit Unions

By Preston Packer |

Sep

07

In a period of significant global economic instability, the financial services sector is going through a significant period of disruption. This has been especially challenging for credit unions, who need to leverage a variety of methods to keep cash flow as stable as possible. Thankfully, there are ways to use this newfound disruption to optimize revenue streams moving forward. They require organizational leaders to keep a few key things in mind.

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The Rewards of a Centralized Lending Process

By Preston Packer |

Sep

01

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.

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How Digital Lending & Human Touch Go Hand-in-Hand

By Preston Packer |

Aug

30

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.

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Leveraging Data Analytics In Lending

By Preston Packer |

Aug

24

The cold, hard truth is lending isn't what it used to be. Everything has changed in recent years, forcing lending institutions to change too. As rates continue to increase and the financial landscape keeps evolving, credit unions must acquire new lending strategies to remain competitive in the industry. So, how should CUs adapt to these rapid changes? One of the most critical things you can do is take advantage of data analytics, which can help identify and target the right individuals based on a number of factors, from behavior and demographics to specific life events. In this article, we'll outline what's currently trending in the market and how your credit union can effectively harness the power of data analytics to benefit your members and bottom line.

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Evolve Your Data from an Asset into a Competitive Advantage

By Preston Packer |

Aug

18

As a credit union, the trust of your members and community is second to none. In fact, 63% of consumers polled as part of the Kellogg Trust Index said they trust doing business with credit unions compared to 21% for the overall financial system. While valuable, credit union trust is no longer the end-all, be-all to providing a differentiated member experience—data is.

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Fulfilling CDFI Mandates With the Help of Data Analytics

By Preston Packer |

Aug

16

From the beginning, your credit union has dedicated itself to being a community development financial institution with a sincere focus on serving members with excellence. But did you know that diving deeper into data analytics could help you succeed in that mission? In addition, data analytics can enable you to grow your members and if interested, help you to acquire or maintain your CDFI certification, all while acquiring staff buy-in. Credit unions of all sizes can gain incredible insights from their data and use it to make wiser business decisions. Let's outline how you can use this technology to your advantage to save time, money, and effort.

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Drive Lending Opportunities With Data Analytics

By Preston Packer |

Aug

10

Today, data is at the core of every company, and it's readily available for use. This influx of data has forced financial institutions, including credit unions (CUs), to recognize data's importance and develop their own data strategies that consider its collection, storage, analysis, and utilization. Although data can impact everything from member experience to recruitment, it can also prompt lucrative lending opportunities. In this article, we'll be outlining how your CU can use data analytics to make wise lending decisions that benefit you and your valued members.

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3 Ways Big Data Is Making Big Changes in Consumer Lending

By Preston Packer |

Aug

04

Amid the era of digital transformation, credit unions and financial institutions are finding profit-driving applications for the treasure troves of data that have been at their disposal for several decades. This data is providing a new perspective in consumer behavior, preventing disasters and thefts, and unlocking the secrets of money movement. And now, big data is poised to make big changes to consumer lending. Let's take a closer look at three ways it's already happening.

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Analytics: The Key to Lending Speed For Credit Unions

By Preston Packer |

Aug

03

Within the last few years, we've seen many financial institutions rely heavily on traditional data as they've been making various credit decisions. Recent tumultuous times have also caused businesses and consumers to lose valuable revenue. Meanwhile, existing data models that were originally intended for periodic declines (instead of a complete economic standstill) have proven not to be as relevant or foretelling. These dramatic changes in both credit and consumer behavior have caused lenders to seek new data and earlier warning signs. This is where analytics come in.

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