Measure lending success

How do credit unions track loan program progress?

At $2.4 billion/180,000-member Citadel Federal Credit Union, Exton, Pa., Michael Schnably, senior vice president, uses three stats to measure auto lending success:

  1. total loan dollars;
  2. income from the loan portfolio; and
  3. member satisfaction or Net Promoter Score.

“We also garner feedback regularly from selected member transactions and quarterly from a more formal member survey,” he says.

Response time or loan turnaround at the dealer are other factors some CUs measure, along with success in new member growth and cross-selling opportunities. Drew Egan, president/chief operating officer for CU Solutions Group, a CUES Supplier member in Livonia, Mich., sees CUs tracking increased website activity, campaign landing page hits, started or completed loan applications, closed loans as well as increased call volumes and foot traffic in the branches.

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