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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…
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…