Credit unions’ next big lending opportunity
by: Brad Powell
“We’re sensing a really deep, pent-up demand for automobiles. … Auto loans are really a place where we can have our strongest impacts.”
– Ahmed Campbell, vice president of credit operations at Municipal Credit Union
I wasn’t surprised to read that quote in a story from earlier this year on lending projections by David Morrison of the Credit Union Times. It makes sense for two reasons:
1) Opportunities for credit unions to handle automotive loans have been growing in recent months, and experts expect that trend to continue.
2) Consumers are becoming more and more comfortable using mobile devices for lending transactions. The credit unions who embrace mobile technology soon will capture more than their fair share of the market opportunity.
When you consider that most automobiles are purchased when the member or consumer is not at home or at the credit union itself, embracing mobile devices becomes an essential component for success.
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