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 members, while adding new membership growth opportunities.
During a recent interview with CU Broadcast’s Mike Lawson, CU Direct’s Michael Hartley explains the benefits of POSF and details why retail lending is an important growth channel for credit unions. Hartley also discusses how CU Direct’s OnSpot Financing program is helping credit unions successfully tap into this “Blue Ocean” lending opportunity, by connecting consumers and providers and delivering financing through the credit union.