Blog Posts From: 2019
Economic and Lending Trends Webcast Recap: Continued Low Unemployment, Recession Fears Wane, But Subprime Auto Lending a Concern
The U.S. economy is in a “Goldilocks” state of low unemployment and sustained, if unspectacular, growth, but Dr. Elliott Eisenberg warned of a potential trouble spot in subprime auto lending. Eisenberg, an internationally acclaimed economist who has appeared at numerous CU Direct Drive Conferences, spoke during our December quarterly Economic and Lending Trends webinar. During…
Mortgage Lending Provides Important Credit Union Growth Opportunity
Growth is a primary objective of any business, including credit unions. Growth is a prerequisite for better service because it provides the resources that allow the institution to innovate and improve. It also prevents or hinders competitors from taking market share that could result in reduced membership and fewer resources to spend on products and…
Credit Union’s New Lending Strategy Brings Unexpected Benefits Beyond Loan Growth
Sandia Laboratory Federal Credit Union, Albuquerque, N.M., thought its switch to CU Direct’s CUDL platform would help the credit union provide more convenience to its existing members who were looking to buy a car. But what the credit union didn’t anticipate was a dramatic surge in new memberships. SLFCU was founded in 1948 by 15…
Digital Transformation and Data Strategies Should be Top of Mind in Tech Budgeting (Part 2)
In part one of our two-part article series, we discussed the importance of innovation over three horizons ranging from 12 months to five years out. With “Horizon 1” over the next 18 months being the most critical for credit unions to focus on. This includes aligning digital transformation with your overarching business strategy, refreshing legacy…
Digital Transformation and Data Strategies Should be Top of Mind in Tech Budgeting (Part 1)
As your credit union finalizes its 2020 technology budget, are you confident that you are effectively judging the magnitude of change that will occur in the short-term, while keeping an eye on long-term trends? Technology experts say you must deliver a service standard that compares to Amazon. Members expect an experience that compares to the…
How Credit Unions Can Set Themselves Apart in the Mortgage Lending Business
Since their inception, credit unions have been able to leverage the membership dynamic to set themselves apart from other financial institutions. But when it comes to building a mortgage lending pipeline, it takes more than just a built-in membership base to serve today’s borrowers’ needs. Let?s take a closer look at three ways credit unions…
Economic and Lending Trends Webcast Recap: GDP Growth is Slowing, But No Recession In Sight
The U.S. economy posted huge growth numbers in 2018. Conditions have cooled a bit in 2019, but despite numerous predictions of a pending recession in recent weeks, there are signs pointing to continued economic growth, for at least the next 12 months. That was the prediction from Dr. Elliot Eisenberg, nationally acclaimed economist, who spoke…
CUDL Complete Helps Patelco Navigate Processing Hurdles After Robust Indirect Volume Growth
The $7 billion Patelco Credit Union set lofty growth goals for its indirect auto lending program in 2017. With the help of an aggressive rate strategy, the credit union’s indirect team delivered. As of Dec. 31, 2017, the Pleasanton, Calif.-based credit union had grown its total indirect loans outstanding by 65%, to $730 million from…
MODDern Times In Auto Lending, Deep in the Heart of Texas
Randolph Brooks Federal Credit Union (RBFCU) is way ahead of the game when it comes to supplying the three most important elements in the modern auto buying experience – convenience, convenience, convenience. RBFCU is a $9.2 billion credit union headquartered in Live Oak, Texas, a northern suburb of San Antonio, near the legendary Randolph Air…
New Loan Origination Technology Helps Vantage West Drive Speed and Efficiency Across the Entire Lending Process
The $2 billion Vantage West Credit Union is one of Arizona’s largest financial institutions, serving nearly 157,000 members. Lending has driven its strong and steady growth; according to NCUA financial reports, Vantage West’s key financial measures show it has led its peers in nearly every lending category, even through the Great Recession. In fact, in…