Changing Lanes: Millennials, Cars and Consumer Loans

Changing Lanes: Millennials, Cars and Consumer Loans

There is no doubt that the retail world is undergoing a period of rapid change as brick-and-mortar staples face mounting pressure from dynamic internet retailers for market share.  This is even more evident in the auto industry as we move into the fast lane of online retailing, and this change is heavily influenced by the…

Next Generation Marketing Automation, Onboarding and Cross-Sell Helps CUs Drive Loan Growth

Next Generation Marketing Automation, Onboarding and Cross-Sell Helps CUs Drive Loan Growth

The Art of the New Deal in Automated/Integrated Marketing, Propensity to Purchase, and Member Retention. Is your credit union doing enough to stay relevant with members, both prospective and current? It’s all about an integrated marketing program. And key to such a program is a marketing automation platform that encompasses onboarding and cross-selling. Keep reading…

Why Point of Sale Financing is a No Brainer for Credit Unions

Why Point of Sale Financing is a No Brainer for Credit Unions

Published in Lending, Retail Lending

Diversity is key to maintaining a healthy credit union lending ecosystem.  One way to reduce concentration risk and increase profitability is to expand loan portfolios through point of sale (POSF)/retail lending.  With POSF, credit unions have a tremendous opportunity to diversify their portfolios, grow loans through a virtually untapped revenue channel, and deepen relationships with existing…

The Quest for A Simplified Lending Experience

The Quest for A Simplified Lending Experience

Published in Lending

I’ve read a number of credit union industry articles recently that focus on the rise of consumer peer to peer (P2P) lending/marketplace lenders, usually with speculation about when these new competitors will start impacting our industry’s loan volume.  That’s a fine discussion to have, but what seems to be lacking is an in-depth conversation around…

Looking Forward to the Next Year with Resolve

Looking Forward to the Next Year with Resolve

If you are at all like me, then you imagine a day where you can get the things done that YOU have set as a priority, rather than spending your time meeting other’s expectations.  Over the last twelve months, we have seen a number of new issues on the horizon that promise to fill out…

Embracing Technology to Assess Risk and Improve Your Competitive Edge

Embracing Technology to Assess Risk and Improve Your Competitive Edge

Have you ever bought a new car and, like me, just hopped in and started driving without reading the owner’s manual to discover what features and options the vehicle had?  Months, and maybe years, go by without knowing you have some really cool features.  Or maybe, you have a feature you know about, but you…

Credit Unions Continue to Make Gains in the Auto Lending Marketplace

Credit Unions Continue to Make Gains in the Auto Lending Marketplace

Published in Auto Lending, Lending

Credit union auto lending marketplace performance continues to shine through the mid-year point of 2015. With new car sales up 5%, 2015 is looking like a record year for the auto industry, with about 17.4 million projected new auto sales units by year’s end. Credit unions have been able to capitalize on the increase in…

Data Governance – Who Owns the Data?

Data Governance – Who Owns the Data?

As credit unions get on board with Big Data and realize the benefits and value of the data they have at their disposal, there continues to be quite a bit of struggle with developing a program to store the right data, and retrieve and successfully utilize the data they collect. Beyond these challenges, data sources…

Moving Beyond Out-of-the-Box Models

Moving Beyond Out-of-the-Box Models

I’ve been working in and with credit unions for over fifteen years and in financial services for over twenty five. Based upon my experience, I believe that there is one critical area where credit unions have lost ground when it comes to capturing the consumer market for loans and other financial products; that area is,…

In Celebration of International Credit Union Day

In Celebration of International Credit Union Day

Published in Community

This week, credit unions world-wide will be celebrating International Credit Union Day. This annual event, since its inception in 1948, celebrates the active role credit unions play in improving the financial well-being of individuals in communities across the globe. The theme of this year’s celebration, “People Helping People,” is the foundation the credit union movement…