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…

Strategies For Success in Today’s Competitive Lending Marketplace — the Focus of Drive ’15 Conference

Strategies For Success in Today’s Competitive Lending Marketplace — the Focus of Drive ’15 Conference

How can credit unions better compete against banks and other financial institutions in an increasingly competitive lending landscape? Engaging members more effectively — and more often, improving member loyalty, and capturing more member loans, are all vital aspects of gaining an edge in today’s marketplace. Problem is, where do you go to get the expert…

Finding the Bright Spots & Creating More of Them

Finding the Bright Spots & Creating More of Them

In their book, Switch: How to Change Things When Change is Hard, Chip and Dan Heath introduce readers to the story of Jerry Sternin.  Sternin, who works for Save the Children, was sent to Vietnam in 1990 to open a new office and given six months to make a difference in the nutritional health of…

Achieving Sustainable Loan Growth — Part 2: Addressing Inefficiencies

Achieving Sustainable Loan Growth — Part 2: Addressing Inefficiencies

Published in Lending

(This is part 2 in a series. Read Part 1.) I have the opportunity to meet with many credit unions in my travels.  Here’s my not-so-stunning finding: some credit unions are pretty inefficient.  But why am I talking about inefficiency in an article on sustainable loan growth?  Here’s how I see it.  Sustainable loan growth…

The Member Experience Matters

The Member Experience Matters

As marketers, we are focused on our credit union’s brand.  In fact, we’re probably obsessed with it.  We lean on it in meetings with the team and ideation sessions.  We have guidelines and standards.  But what is a brand? The traditional definition was easy to quantify.  According to the AMA*, a brand is “a name,…