COVID-19 Advancing Loan Due Dates

By Preston Packer |

Apr

02

 

This global situation is forcing all businesses to make some drastic changes that only weeks ago they wouldn't even consider, and credit unions are certainly not immune. Pending debt is a major topic of concern as more people are struggling to keep their jobs and employers make hard decisions necessary for the continued health of the business. It's a time that requires both shrewd business calculations but also compassion. Part of the credit union difference is a human connection, so that compassion is a call they need to heed. To that end, the NCUA issued guidance encouraging credit unions to work with affected borrowers. One of the suggestions to help is to allow members to defer or skip loan payments, in particular those for open-end credit, like credit cards.

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Lack of Omni-Channel Lending Might Be Frustrating Your Members

By Preston Packer |

Oct

04

Providing an omni-channel experience is key in many industries. For credit unions, the same holds true. Members need the opportunity to engage online, in-branch, by phone and via mobile for a full omni-channel experience. However, when it comes to lending, some methods of communication are more efficient and cost-effective. Encouraging members to apply for loans by phone, online, or through mobile are the best methods for several reasons. Here are 9 ways these channels will be more convenient for staff and the credit union in general:

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