10 internal factors that determine lending success

Market conditions are a contributor to the number of loan applications that you receive, but ultimately, your staff and solutions are what make a great lending partnership between members and your credit union. There are several factors within your control that can help your lending process become more efficient, effective, and successful. Here are 10 factors to consider when refining your credit union’s lending process.

  1. The Ability of your Lending Staff: Your lending staff is only as good as the training you give them. Make sure they are well-prepared to meet with members, analyze their financial situation, and provide the best options to meet their needs. Also, consider using incentives for your lending staff. Working toward a goal will give your staff the drive they need to go the extra mile, and in return, they might get commission or an extra day of vacation time. Not only will this motivate your staff, but it will promote a better manager-employee relationship, and improve the quality of member services as well.
  1. Organizational Design: Goals and expectations are a key factor to communicate with your staff. Managers need to communicate with their lending team and outline clear expectations. This sets the credit union up for success and eliminates awkward conversations regarding lending performance at the end of the quarter. Staff can’t meet organizational goals if they don’t know they exist, so make sure lending goals are communicated early on, and promote an open dialogue to discuss tactics that will help them reach their best potential.

 

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