Assertive lending strategies for aggressive growth in 2024 & beyond

Consumer credit outstanding topped a record-breaking $5 trillion in November of 2023, putting growth at a 5.7% annual rate—the biggest gain since November 2022. Nonrevolving credit, including auto loans, increased at a 1.5% rate. To keep pace with the quickly evolving landscape, credit unions, community banks, and regional banks may feel like they’re doing a tightrope walk.

Maintaining and growing your share of the consumer lending market means harnessing the ability to deliver loans efficiently and at competitive rates. And you must do that while also balancing the seemingly contradictory goals of adhering to cooperative values and maximizing profitability.

This year marks a pivotal point where merely keeping pace is not enough. The financial institution (FI) leaders must navigate 2024 with a proactive and visionary approach. This blog aims to provide functional leaders with strategic insights and advanced tools essential for decisively carving the future of your institution’s lending practices.

 

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