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:

Mobile banking has become an important pillar of success to credit unions, and even more important to your members. In today’s banking climate, Millennials are the most sought after demographic, and it’s no news that they have entered the game with expectations on mobile banking. Millennials are leading the change towards paperless banking and as the largest generation (85-90 million people), this demand should be taken seriously. Americanbanker.com states that 92% of Millennials choose a bank based on its digital services. Here are three things Millennials will expect from your mobile banking app and how you can capture their membership?

The past year has thrown a number of curve balls our way. The presidential election outcome caused major shockwaves. The Cubs finally won a World Series. Cleveland broke their championship drought with an NBA ring. Miss Colombia was crowned Miss Universe... and then she wasn't. LaLa Land won best picture... and then it didn't. Despite all these quirks in the universe, one constant has remained: Nobody seems to like millennials.

Lunch time arrives and it's time to heat up your leftover chicken and rice from last night's dinner. You make your way to the break room and throw your tupperware in the microwave and two minutes later are enjoying the food heated to the proper temperature. Most people don't sit there and contemplate the inner workings of the microwave and how Percy Spencer leveraged radar technology developed during World War II to invent it. They simply care about warm food. Similarly, members don't think in terms of core technology or credit union software, they are only concerned about the convenience and overall experience they receive. It's only when your technology fails to provide what your members need that it becomes an issue for them. So, ask yourself, are credit unions in the technology business or the financial services business?

Forget the buzz word millennials. The newest, and fastest growing, generation is "Gen C". The C stands for "Connected" and the group spans all age groups, but with the common trait of being digital natives and exceptionally tech-savvy. "Gen C is a powerful new force in consumer culture. It's a term we use to describe people who care deeply about creation, curation, connection, and community. It's not an age group; it's an attitude and mindset defined by key characteristics."¹ No matter what business you're in, when it comes to expectations, having mobile access to your services is a necessity for Gen C, not just a bonus feature. They want to make a reservation without calling the restaurant, order holiday gifts from their couch, and review their stock portfolio on the commute to work. When it comes to banking, they prefer to be able to control their money with a few taps of their touchscreens. However, does that mean they're over branch transactions? Not at all. As with all things, they appreciate the need for balance. 

Millennials are fast becoming the leading demographic for credit union lending solutions. They are prime candidates for mortgages as they move out from under their parent's umbrella and settle down in homes to start families. They are generally distrustful of big banks and are looking for alternatives to high-interest auto loans. 

The number of Millennials banking with credit unions rose to 25 percent in Q1 2016, compared to 20 percent 3 years ago. More importantly, there is one thing millennials love almost as much as their phones: convenience. For this reason, here are three crucial components your credit union's lending solutions must have to stand a chance at capturing this emerging market.

Most credit union lending software and loan originations systems are set to gather the standard loan app questions about income, job security, and past credit history; but a credit union loan officer should be ready to dig deeper to understand an applicant’s current needs, as well as long-term goals. Here are five questions to guide a credit union loan officer to determining the best loan option per applicant and become a true financial advisor.

Marketing your mobile lending platform should be no different than marketing your credit union: Define what your credit union's brand identity is and ensure your marketing strategy supports that brand. If mobile lending is not a significant part of your brand, then don't market it for the sake of 'marketing'. On the other hand, if mobile products do support your brand identity, marketing mobile lending can increase member satisfaction and bring opportunities for new loans. Here are some recommendations on showcasing your mobile lending products:

Jack Welch said, “An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” Doing business in the 21^st century has its advantages, one of them being the wealth of industry information available. When the first credit unions were forming early in the 1900s, there were no trade journals, conferences or blogs sharing stories of success or failure as guides of what to do or not to do. Knowledge is one of our greatest tools. Here's a look at what the competition in the banking industry is doing that can help boost your credit union lending:

Help has arrived.  The Helping Expand Lending Practices in Rural Communities (HELP Act), which broadened the category of rural small creditors that may be eligible for certain provisions under the Truth in Lending Act takes effect next week. So what does this mean for credit unions?