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Matters of Speed and Automation

Matters of Speed and Automation

CU Directís maxim ďGetting to Yes Faster,Ē referencing quick yes decisions on loan applications, has a nice ring to it. But Iíd argue this isnít just about getting to a ďyesĒ decision quickly.† Itís also about making fast loan decisions in general, regardless of whether the answer is yes or no.† Fast decisions overall are…

The Quest for A Simplified Lending Experience

The Quest for A Simplified Lending Experience

Published in Lending

Iíve 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 industryís loan volume.† Thatís a fine discussion to have, but what seems to be lacking is an in-depth conversation around…

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.† Hereís 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?† Hereís how I see it.† Sustainable loan growth…

Achieving Sustainable Loan Growth (Part 1)

Achieving Sustainable Loan Growth (Part 1)

Published in Auto Lending, Lending

Framing the Problem For every credit union that has invested heavily in its lending process, there are plenty more who havenít.† Ok, most havenít.† This is surprising considering the majority of a credit unionís earnings are loan-related and most strive to deliver a quality member experience.† This may also be why our industry struggles to…