Create a positive borrowing experience for your members

Credit unions occupy a space crowded with banks, finance companies, loan brokers, payday outfits and now, fintechs. While we generally have better loan rates and terms, that’s not always what keeps the credit union top of mind when someone needs financing. Often convenience and ease of application process matter more to our borrowers. Is the loan process easy to navigate? Does it move at a good pace? Is it convenient? Can a member apply on a mobile device?

What are we doing to deliver a positive borrowing experience?

Given all the competition, from traditional financial institutions to non-traditional online options, why should members choose your credit union for their next loan? Here are three ways to begin:

• Make it convenient. How easy is it to apply for a loan at your credit union? Can members apply 24/7 from their mobile devices? Do they always have to visit brick-and-mortar, or can they conduct the entire process online?
• Make it fast. How quickly can a member obtain the funds he or she needs? Home buyers, for example, need their funds within a finite period of time. Is your mortgage closing process seamless and efficient?
• Make it easy. What is required from application to funding? Are you using automation to pull in information, or is your member forced to give you the same history for each transaction – as if they are using your credit union for the first time, every time?

There are many opportunities for credit unions to improve the application and borrowing experience, and opening a dialog with vendor partners and industry experts can provide valuable insight on how to do that.

I’ll be engaging with some of these experts during a panel discussion at NAFCU’s Lending Conference, which takes place Nov. 6-9 in San Antonio. Over four days, this conference will explore recent regulatory and strategic developments in mortgage lending, credit card and auto lending, the economy, what millennials want, how to meet the challenges of fintech and much more.

It’ll be a great week filled with content and insight on how credit unions – and credit union members – can excel in today’s diverse lending space. I’m excited about this new conference, and hope I get to see you there.