How to use a board portal to increase revenue
Your loan committee can help transform this time of pandemic disruption into an opportunity for your credit union.
While many business sectors are seeing reduced opportunities and pipelines, many credit unions have experienced the exact opposite. Credit unions are on the frontlines working quickly with members to establish forbearance agreements or leverage federal aid programs such as the Paycheck Protection Program for small businesses. While many people are struggling to adapt to the new normal, your loan committee can help transform this time of disruption into a time of opportunity for your institution.
But let’s be honest. Before COVID-19 and social distancing, the prevailing opinion at most credit unions regarding the loan approval process was simple: “If it isn’t broken, don’t fix it.” Mountains of paper, physical signatures and lengthy meetings still ruled the day. The opportunity exists here and now to create a more seamless loan process that retains customers, keeps the loan pipeline at capacity, and disperses new loans faster and more efficiently than ever.
The solution is simple: a board management software platform (or “board portal”).
On one hand, board portals are not new. Credit unions have deployed them for two decades now. Your institution may even have one installed already. They’ve mainly been used by the board of directors, the charitable foundation or the policy committee.
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