Know your numbers: 4 questions you should answer about your lending experience

Interest rates may go up and interest rates may go down, but a laser focus on your member experience is essential, regardless of what interest rates do. Just about every credit union has easy access to the data needed to answer the following 4 key questions about the lending experience:

  1. Are we attracting enough of the right types of lending opportunities? In other words, is our appetite for credit risk aligned with our marketing efforts? Quality applications from identified target markets outweigh volume
  2. From the consumer’s perspective, how long does it take before they get a decision? Auto-decisioning is not being fully utilized in the industry. Remember auto-decisioning is not just saying yes. Often, credit unions that auto-decline actually fund more of the loans that they approve because they have more time to devote to the loans they want to make
  3. What is our look-to-book by branch and digital delivery channels? It is not uncommon to see that the digital delivery channel is not truly “owned” in the credit union. Service level agreements and processes are not clear
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