President and CEO of Allied Solutions Pete Hilger Thursday dove into the lending landscape before, during and after the pandemic and provided insights into how credit unions can adapt. Hilger encouraged credit unions to be bold and proactive as they navigate and leverage the new lending and risk management environment.
“If you think about the investments we were all making to prepare for big data, digital, whether we have branches or don’t, and how we interact with our members – one of the things that this pandemic has provided is an opportunity to really, out of necessity, accelerate getting to those long term benefits that are going to make us more competitive in the industry we represent,” said Hilger.
Hilger noted where potential challenges may arise, such as a spike in refinancing applications, the need to leverage new technology for lending services, a highly competitive market with lower consumer demand for loans, and a decrease in new loan originations. He offered resources and ideas for credit unions looking to be creative in the face of challenges, and encouraged outsourcing where possible.
In addition, Hilger noted how further complications arise when face-to-face interactions are nearly impossible.
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