During a recent credit union lending conference keynote, I offered up the idea that we–for the remaining hour–retitle the meeting the “Borrowing Conference” as a way to provide focus on the member. It made for a stimulating dialogue as we concentrated on the member experience in borrowing-lending. In the end, crafting easier experiences for members was significant in improving the member experience and allowing for more loan growth.
Several dozen credit union leaders from all states offered their views on improving the borrowing experience. Truth be told, the elements of a successful borrowing experience extended to other member experiences. In general, four themes emerged: go digital; listen to your members; the easy way is the only way; and stay true to the credit union service model. Let’s explore.
1. Go Digital
“Ink pens around the industry are drying up,” shared one CEO, “and that’s just the way our members like it.” From research to application to underwriting updates to approval to signing to service, the message is clear: Members expect the entire borrowing experience to be mobile.
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