Bank And Credit Union Lending: What Each Can Learn From One Another
By Jen Joly, Marketing & Communications Director for Bluespire Strategic Marketing
A Bank’s Take on Lending: Automate Sales and Incorporate Technology
Banks have long dominated the lending arena so it makes sense to start with that perspective. The level of sophistication in terms of actual processes as well as the marketing of loan products can often be discouraging to credit unions and smaller community banks — particularly with bringing new or revamped lending products to market.
Auto loans have been one highlight for the credit union industry as of late. According to CUNA Mutual Group’s Credit Union Trends Report, 72% of 2012’s annual gains for the industry came from auto loans. David Dodson, credit union vice president for TransUnion’s financial services business unit was quoted in a TransUnion CUNA survey saying, “Many credit unions are seeing that auto loans will offer great revenue opportunities, particularly since delinquencies continue to stay near historic lows.”continue reading »