Mobile lending is a strategy, not an add-on

Mobile strategy must be tied to a CU’s goals.

Credit unions are beginning to realize the importance of mobile lending, but many haven’t figured out how it fits into the strategy of their business, according to a CUNA Mutual Group lending specialist.

“A credit union has to go back to its vision, values, and mission in determining its future in mobile. Mobile is a strategy,” said Robert Israelite, lending and compliance specialist for CUNA Mutual Group. “It has to start with why you are in business. Before getting into mobile, a credit union should determine if its goals and strategy are related to mobile. If there’s no purpose to be on mobile, it’s worthless because it has to be connected to a strategy.”

Israelite said if a credit union’s vision is to provide personalized, one-on-one, face-to-face consultative services to a segment-based group, they may determine they don’t need mobile. “But, if a credit union wants to be a full-service provider to members in the member’s delivery channel of choice, then the credit union needs to have a mobile-first mindset across their entire business.”

Many veteran CEOs have expressed disbelief that members are applying for loans on mobile devices, and boards are even further removed, Israelite said during his Discovery breakout session.

“Most credit union staff have never applied for a loan in a member channel and that’s a problem,” Israelite said. “They have internal ways of doing it. Staff need to put themselves in the shoes of a “‘real member’ or potential member who doesn’t have strong ties to the credit union.”

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