Blog Posts From: 2015

Why is Credit Union Auto Loan Growth Up?

Why is Credit Union Auto Loan Growth Up?

I was recently asked during an interview what I thought credit unions were doing differently to account for credit union auto loan growth being on the rise. The question kind of caught me off guard and I didn’t have a ready answer. I do know that credit unions are becoming more data savvy — and I know…

Auto Lending on the Automated, Integrated Highway

Auto Lending on the Automated, Integrated Highway

“Roads? Where we’re going, we don’t need roads.”                                                 — Dr. Emmett Brown (Back to the Future)   Companies like Google and Ford Motor are moving closer to producing fully autonomous vehicles, with the intent to make various driver-assist technologies standard features. The goal is for cars to one day drive themselves. Granted, it’s a…

Protecting Your Members for the “Breach” Holidays

Protecting Your Members for the “Breach” Holidays

For the past several years we have seen more data breach activities during the holiday season than any other time of the year.   The holidays are also the time of year for heightened ID theft activity.  Criminals get into their own “holiday thievery” mode and understand that this is the time of year when consumers…

Are You Treating Every Member Fairly?

Are You Treating Every Member Fairly?

There has been a lot of discussion over the last couple of years among credit unions related to fair lending and disparate impact.  Beyond the debate over who has regulatory power over who, and whether the testing procedures are even accurate, many credit union lenders believe that they would be safe in the event their…

A Real “Blue Ocean” Lending Opportunity for Credit Unions:  Point of Sale Financing

A Real “Blue Ocean” Lending Opportunity for Credit Unions: Point of Sale Financing

Published in Lending, Retail Lending

During the recent Drive ’15 Conference for credit unions, George Hofheimer, Filene Research Institute’s Chief Knowledge Officer, unveiled to attendees exciting new research findings from Filene and CU Direct on point-of-sale financing (POSF).  (POSF is defined as providing financing at the point of sale for large consumer purchases.)  The research examines loan growth opportunities for…

Leveraging Technology to Better Serve Members and Increase Loans

Leveraging Technology to Better Serve Members and Increase Loans

Credit unions can increase loan growth 27% by doing one simple thing; increase system decisions on loan applications.  In a recent study of credit union indirect application data from 2014, CU Direct was able to determine that auto-approved loan applications are 11% more likely to fund than applications approved manually.  When one considers that about…

Keys to Upping the Ante on the Competition Revealed at “Drive”

Keys to Upping the Ante on the Competition Revealed at “Drive”

To gain an upper-hand in today’s ultra-competitive lending marketplace, credit unions need to embrace (and implement) new strategies and solutions that effectively engage members and improve loyalty, drive member loans, better manage risk, and ultimately grow portfolios. At CU Direct’s recent Drive ’15 Conference, credit unions had an opportunity to discover how to “up the…

Welcome to the Inbound Revolution: How Credit Unions Can Take the Lead

Welcome to the Inbound Revolution: How Credit Unions Can Take the Lead

How do members pick a financial institution in 2015? It used to be that people would see a building or a billboard, save a direct mail piece from their mailbox or act on the recommendation of a friend, before establishing a relationship with a trusted financial institution. More and more, users begin their process with…

Only Three Things are Certain in Life: Death, Taxes, and…Data Breaches

Only Three Things are Certain in Life: Death, Taxes, and…Data Breaches

If Benjamin Franklin were alive today, I believe this would be his new take on his famous quote.   He would recognize the inevitable fact that data breach events, like death and taxes, cannot be stopped.  They certainly can be deterred and delayed, but based on the avalanche of data breach events in the past eighteen…

Start Showing Me You’re Different!

Start Showing Me You’re Different!

The one thing that differentiates us as credit unions, we have something no one else in our industry has: a membership base. Everyone loves to be part of a club. But what are we doing to differentiate the experience we provide to our loyal membership base? Stop telling me you’re different. Take a few minutes…