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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The Importance of Auto Loan Recapture: How It Works

By Preston Packer |

Jun

21

A car is one of the most expensive purchases in a consumer's life, which is usually accompanied by a large amount of debt from auto loans. In 2021, auto loans made up nearly 18% of total consumer debt for 18 to 29-year-olds, 10% for 30 to 39-year-olds, and 9% for 40 to 69-year-olds. So, with a vast majority of the population taking out loans for their cars, why isn't your credit union getting more auto loans?

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Turn Credit Report Insights into Lending Opportunities

By Preston Packer |

Jun

08

Credit unions are always looking for more lending opportunities in order to best serve their members, and their credit report and lending history are both key indicators as to areas your credit union could explore. One area that is key to consider is the auto industry.

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A Smarter Credit Score Solution for Your Credit Union

By Preston Packer |

Jun

01

The Great Recession negatively impacted countless consumer credit scores, leaving many in a financial bind. Thankfully, credit unions (CUs) are stepping up to help people get back on their feet, offering their members a variety of credit-building services and tools--from low-priced secure loans and complimentary credit consultation to virtual debt management courses. Instead of charging high service fees, many CUs have resorted to more consultative methods.  Increasing credit can be a time-consuming process requiring patience and self-control. Below, we outline four key ways your CU can begin to either initiate credit or rebuild your members' credit scores.

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How to Analyze and Optimize Your Credit Union's 2022 Growth Strategy

By Preston Packer |

Dec

29

As the financial world fully embraces the digital-first approach, credit unions are unique in that physical branches still act as an important component of the growth strategy. Whether it's seasoned credit union members valuing face-to-face interactions with tellers or younger members looking for personalized guidance in purchasing a first home, there will almost always be a place for credit union branch transactions—as long as there is a space. Let's take a closer look at a few ways credit unions can incorporate the branch into your 2022's growth strategy and optimize every square inch for maximum ROI.

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Enhancing the Home Buying Experience for Credit Union Members

By Preston Packer |

Sep

28

Competition is high when it comes to purchasing a home. Prices have increased due to the pandemic, making it a seller’s market. An increase in demand and a decrease in inventory means buyers have to act fast. Multi-offer scenarios and bidding wars have become the norm. Buyers watch prices rise and see their offers rejected. Credit unions must find ways to pave an easier path for home purchasing members. One solution is transforming the home buying experience with best-in-class technology.

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Loan Growth and the Importance of Digital Lending

By Preston Packer |

Feb

10

Lending has always been fundamental to the growth and sustainability of credit unions, and during such dire economic times, it’s become even more important. In the past, lending was conducted in-person at branches and was often time-consuming and complicated for members. But the world has changed and the old ways of doing things are changing with it. These days, members want quick and easy digital lending options, and CUs that fail to provide these services risk being left behind.

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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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