Go the (Social) Distance for Your Members with Mobile & Digital Banking

By Preston Packer |

Nov

26

The goal of any credit union is to satisfy the needs and wants of its members. Since the pandemic reshaped the world and transformed how we do business, member habits and behaviors have been changing and changing fast. It should be no surprise that as people try to avoid contagion, in-person interactions have declined significantly, and folks have turned to digital solutions to meet their needs. This trend has huge implications for credit unions around the country.

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The Upside of Digital Lending

By Preston Packer |

Apr

22

There's no ignoring a new brand of competition making a "rocket" fast rise in popularity: digital lenders that provide an exclusively online loan experience. The Global Digital Lending Platform Market size is expected to reach $11.6 billion by 2025, and CUs would be remiss if they passed on the chance to grab a piece of that. One could argue that this could mean bad news for credit unions, who sometimes have more limited resources compared to the big banks or larger FIs. Fortunately, many CUs and their technology partners have been preparing and innovating for years making the digital playing field a familiar realm.

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Member Awareness 101: In 10 Steps

By Preston Packer |

Apr

08

Making members aware of Credit Union digital products & services is half the battle. Members will use the tools that they know about and when branch hours are limited or eliminated members need to be aware of their options. When people are coming into the branch less frequently, be sure to keep sharing messaging in other ways to keep them aware of your offering.

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4 Benefits of Digital Lending

By Preston Packer |

Jul

12

Digital lending has been available to credit unions for quite some time, but with new emerging technologies and the fast-paced nature of consumer lending, it’s more important than ever that digital lending offers members more than a paperless process. Members, especially Millennials, not only want, but expect a quick application, and even faster decisions. A recent PwC report found that three of the four demographic groups polled in their study would rather be online for each phase of the borrowing process as opposed to more tradition channels, ie. in-branch or over the phone. The best way to customize the application and decisioning process while meeting the requirements of your CU is through digital lending technology, making it more efficient for both members and staff. Here are 4 benefits of digital lending.

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10 Fast Facts About Mobile Banking in 2017

By Preston Packer |

Nov

22

There's no question that mobile devices are the way we do everything these days and we'd be lost without them. We plan our meals, track our exercise, talk to each other, shop, read books, check the weather, the score, and, not to be left out, perform our digital banking. Many of us open our smartphones first thing in the morning before we're even out of bed. What time is it? What's on my calendar for the day? You're probably even reading this on your smartphone. All it takes is one good power outage and we realize just how attached we are to our devices when we can't recharge them. With this in mind, having a user-friendly mobile app and a host of mobile lending products available to your members is paramount. Capitalizing on the popularity of smartphones presents a wonderful opportunity to showcase your products to an already engaged audience hungry for information.
 
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Are You Too Late to Mobile Lending?

By Preston Packer |

Oct

31

4 Tips to Successfully Implement Credit Union Mobile Lending

Recent market research has illustrated the potential for credit union mobile lending solutions and even suggests that if it's not a part of your short-term strategic plan it should be. According to recent Pew research, 78% of adults in the country own a mobile phone and 43% of them regularly use their smartphone for financial management and mobile payments. Further, CUNA Mutual Group statistics report that 550 credit unions using their company’s online lending technologies have received $2.4 million in mobile loan requests per day. This is evidence that credit union members are doing their due diligence in researching what is available to them and that providing a customized personal mobile lending solution is important.

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The Key to Mobile Lending

By Preston Packer |

Oct

05

“People say that money is not the key to happiness, but I always figured if you have enough money, you can have a key made.” -- Joan Rivers

It’s true. One key to happiness for credit unions is a good mobile lending strategy and enough money can certainly help one achieve it. However, spending money does not always equate to success, and a good credit union mobile banking strategy is not just something you buy. Before seeking answers from industry experts and technology providers, credit unions should first carefully consider the right questions.

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The Who, What, When, Where, Why, and How of Mobile Lending

By Preston Packer |

Sep

19

Does your credit union offer mobile lending? Probably. Have you personally ever used it to apply for a loan? Probably not. Understanding the ins and outs of the mobile lending process starts with who? You! Putting your staff and board members into the role of a member will only serve to improve your mobile lending products. What you find could surprise you. 

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Is Your Mobile Loan Application a Slam Dunk?

By Preston Packer |

Aug

16

How easy is your mobile lending process?  Not how easy it was for your developers to create it, nor how easy it is on your back end processes, but the part that really matters: How easy is it on your members, or potential members, to start and complete a loan application? If your mobile loan applications prove to be difficult, applicants will grow frustrated and abandon the process. A mobile loan is supposed to be easy, and the process to the end user should be a slam dunk... an easy, uncontested two points for both your credit union and your members.

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5 Reasons Your Members are Borrowing from the Competition

By Preston Packer |

May

12

Your member numbers are up. Your product portfolio has evolved to meet the demands of the financial industry. You invested in the technology that millennials expect, and have been active on a variety of media channels to attract new and younger members. While all signs are pointing to a banner year for your credit union, your loan portfolio is lagging. Why aren't your new members borrowing from your credit union? Let's take look at possible areas where your credit union lending solutions may need some minor tweaks, or possibly a complete overhaul:

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