Blog Posts From: 2018
DRIVE 19: Speakers, Strategies and Technology to Gain a Competitive Edge
To gain a true advantage and remain competitive in today’s ever-changing and ultra-competitive lending marketplace, cutting-edge technology is key. Implementing new strategies and solutions can help credit unions capture more loans, better manage risk, and ultimately grow portfolios. This May 14-16, leading experts from the worlds of finance, automotive, and marketing will converge at CU…
Home Financing: A Great Opportunity for Credit Unions
Credit unions are known for world-class customer service, but most home lending business is going to banks or non-traditional lenders rather than to credit unions, even when it comes to their own members. What are credit unions missing? What are the risks and benefits of diving deeper into home lending? We examine these issues—and more—in…
5 Ways to Rev-Up Your Lending Revenue
Lending is a credit union’s primary profit driver. Yes, investments also produce non-interest income, which is a big revenue source, but lending is where the rubber meets the road when it comes to people helping people. As a lending executive, you know this is a big responsibility—stewarding your cooperative’s assets to produce strong revenue, while…
Credit Union Auto Lending Cruising in 2018
Remember late last year, when auto loans were predicted to drive 2018 total credit union loan growth at a rate of 9.5 percent? Some doubted credit unions would achieve that growth rate, especially after a number of industry experts forecasted a 2.3 percent reduction in 2018 new car sales. The post-recession boost in new car…
Credit Union Embraces Digital Lending System, Grows Indirect Lending to Become Wisconsin’s #2 Auto Lender
University of Wisconsin Credit Union (UW Credit Union) has come a long way with its indirect auto lending since first implementing CU Direct’s CUDL Platform – in more ways than one. Mike Long, Executive Vice President and Chief Credit Officer for the $2.7 billion UW Credit Union, based in Madison, Wis., recalls rudimentary technology and…
Lending 360 Upgrades Southwest Airlines FCU’s Lending Experience to First Class
New technology systems always make at least some employees feel apprehensive. That’s understandable; most people don’t like change. The $555 million Southwest Airlines FCU kept this in mind as it prepared to launch the Lending 360 loan origination system (LOS) two years ago. To minimize that fear, the Dallas-based credit union had its lending staff…
Member Business Lending is Much More Than That
Across the United States, small business is anything but “small” business. According to the U.S. Small Business Administration (SBA), small businesses (defined as businesses with fewer than 500 employees) account for over 99% of all American businesses and close to sixty million employees. As existing small businesses continue searching for ways to grow and prosper,…
LOS Automation Allows Kings Federal Credit Union to Lend Large
When credit union executives think of liquidity management tools, loan origination software isn’t typically the first thing that comes to mind. But that’s exactly how Kings Federal, a SEG-based credit union in Hanford, Calif., is using CU Direct’s Lending 360 loan origination system (LOS). Kings Federal is a robust auto lender, with auto loans representing…
In Celebration of International Credit Union Day 2018
On October 18, credit unions around the globe will be celebrating International Credit Union Day. Celebrated on the third Thursday of October since 1948, this event is an opportunity to recognize the credit union movement’s global impact and influence in local communities around the globe. For International Credit Union Day’s 70th anniversary, this year’s theme…
Understanding Trigger Marketing
Two hundred years ago, Napoleon noted that “war is 90 percent information.” In today’s highly competitive financial services industry, financial institutions must have good data…and know how to use it. Credit unions are realizing the importance of automating their marketing efforts, leveraging their data, so that products and services intersect as efficiently as possible with…