You offer incredible auto loan rates at your credit union, making your institution the perfect spot for members to finance or refinance a vehicle. The competitive rates you offer can certainly help members save money rather than lose it, which is why you should invest in an effective auto loan recapture program. Not only can a recapture strategy benefit your bottom line, but it can also support you in empowering your members to reach their financial goals. However, there are a few options when it comes to achieving success in these areas, including opting to do everything in-house, partnering with a vendor, or paying a vendor to take care of it all. In this article, we'll review how to choose the right approach for your credit union that will benefit you and your valued members.

Our country continues to face a difficult economic situation. The cost of living is up, supply chain delays persist, and wages are low. For credit unions, it just makes it that much more important to innovate their digital strategy to better serve their members. Below, we've outlined four key credit services that your credit union should be offering.

Similar to money, it's not how many members your credit union can gain—it's how many you can keep. While member retention is paramount, it's not sufficient to simply retain members. Instead, your credit union must deepen the relationship by providing timely, personalized solutions throughout their life and across life stages. In most instances, your credit union will need to preemptively know and alert members of their needs before they do. Let's take a closer look at how credit unions can accomplish that.

In today's digital age, virtually all credit unions face one glaring concern: how to maintain the valuable face-to-face relationship-based banking that members have come to expect while offering the cutting-edge digital tools younger members demand. In addition to finding the right mix, the capital investment required to make this transition has often helped justify kicking the proverbial can down the road. That was until COVID-19 escalated digital transformation from a nice-to-have into a must-have. Fortunately, Eastern Utah Community Credit Union (EUCCU) already had the plans and groundwork in place to seamlessly make the transition. 

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.

As a credit union (CU), you want to offer your members the highest level of financial services, including seamless onboarding. Although you might already have an efficient digital banking system, it won't matter unless you attract and retain new members. To help your CU, let's explore several ways your credit union can go from average to excellent in onboarding and member growth in 2022.

There have been so many changes in the credit union world over the past few years, sometimes it’s a good idea to take a breath and reevaluate what’s happened and where the future might take us. One thing that’s occurred that cannot be ignored is the huge role digital technologies have begun to play in banking and nearly all aspects of our lives.

One thing is for certain—your credit union members have options; and they are not afraid to use them. For instance, Accenture reports credit unions and banks lose up to 25% of new customers during the first year. Failing to master this type of customer churn can easily put a healthy credit union in a crunch, considering the average new credit union member costs $442.

With the lowest mortgage rates in years, it’s no surprise that mortgage originations and refinancings are soaring around the nation. This is good news for credit unions. However, advancement in digital technologies and the rise of fintech companies into the lending space also means that the competition in the mortgage lending market is as tough as ever.

Although credit unions in the U.S. hold a small share of the total mortgage volume, mortgage lending is an important part of doing business for credit unions of all sizes. Since the pandemic and the lowering of interest rates has no doubt put a squeeze on the mortgage lending business and made it more competitive, credit unions that wish to thrive in this environment must leverage their digital technologies, data, and member services to attract new members, generate loans and continue their growth.