How credit unions will tap into their true lending power in 2023

Lending products have long existed as bread-and-butter offerings for most credit unions. Even as the fabric of the financial services quilt becomes more colorful, consumer-friendly loans from people-centric lenders continue to play a very important part in the financial lives of members.

To provide borrowers the most attractive lending options, however, credit unions need to apply the same digital mindset to lending that they have to other products and services. This often results in stronger and more seamless connections between loan products and a member’s overall credit union experience.

One of the most affordable and executable ways a credit union can achieve this is through enhanced contact center support. By integrating lending services with things like credit and debit card support, credit unions achieve a range of efficiencies while tapping into an expansive borrower marketplace.

Credit Union Lending Remains Strong with More on the Horizon

In the third quarter of 2022, total loans outstanding among federal credit unions alone increased 19.2 percent year over year to $1.46 trillion, according to the National Credit Union Administration (NCUA). This growth encompasses rising loan balances rose across all major categories.

 

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