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Music to My Ears: Credit Union Loan Growth

Music to My Ears: Credit Union Loan Growth

Published in Lending

I love music. An all time favorite is Dave Matthews Band, but I also sing Meghan Trainor, Rachel Platten, Daya, Lil Mama and Maren Morris as loud as possible in the car with my six-year-old daughter MacKenzie. Because small town roots don’t ever quite let go, you’ll also find Big & Rich, Brett Eldredge, Keith…

Matters of Speed and Automation

Matters of Speed and Automation

CU Direct’s maxim “Getting to Yes Faster,” referencing quick yes decisions on loan applications, has a nice ring to it. But I’d argue this isn’t just about getting to a “yes” decision quickly.  It’s also about making fast loan decisions in general, regardless of whether the answer is yes or no.  Fast decisions overall are…

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…

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…