Retail Lending Articles
Economist on Effects of Coronavirus: “Comes like a freight train, but expect it to go away quickly”
The traditional definition of a recession is two consecutive quarters of negative GDP growth — but the worldwide shock of the Coronavirus has forced that model to stand on its head. According to economist Elliot Eisenberg, president of Graphs and Laughs, LLC, and wildly popular presenter at CU Direct’s annual conference over the last few…
Machine Learning Can Improve CUs’ “People Helping People”
Computer programming has come a long way since the late 1970s and early 80s, when high school students learned BASIC and wrote simple programs on Commodore 64s. Today, six-year-olds learn coding from LEGO kits purchased at Target and young entrepreneurs are earning millions writing apps and selling them to global fintech companies. Until recently, however,…
Why Point of Sale Financing is a No Brainer for Credit Unions
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…
Developing A New Growth Channel Through Point Of Sale Financing
In 2015 we have continued to see positive loan growth in many areas. That said, we all know that loan growth can be heavily tied to, among other things, economic, regional, and seasonal factors that aren’t always in our control. Because of this, many credit unions have identified the need to diversify their portfolios, seek…
A Real “Blue Ocean” Lending Opportunity for Credit Unions: Point of Sale Financing
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…
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…
Retail & Medical Financing an Untapped Opportunity for Credit Unions
With unemployment beginning to ease and retail spending up, 2015 promises a growing economy and continued lending growth that could benefit credit unions. Though some forecasts indicate motor vehicle sales and loans may slow slightly in 2015 compared to 2014, Kiplinger believes they will maintain a steady rate, about the “average for annual auto sales…