Below you'll find a list of all posts that have been categorized as “Credit Unions”
Following a loan servicing compliance guide and relying on experts to guide you can help protect your credit union members. Just remember that you still have to go through the process of researching specific regulations for your state and industry to remain compliant.
Credit unions want to offer their members exceptional lending services. That’s tough to do when member expectations rise every year. As more lending technology and lending options become available, credit union members expect a lot from their local branches.
If you’re looking to improve your customer service specifically, here are just a few of the back office tasks you can delegate to an experienced third party:
Fraud detection and risk management;
Payment processing and repayment scheduling;
Member contact information and communication preferences;
Loan or credit card application decisioning;
Level 1 support;
Customer web portals;
Automated call centers;
Back office to front office communications;
Staff training and recruitment.
For many credit unions, vehicle auctions detract from their core financial focus. The complex relationships between auction houses and transporters, along with volumes of off-lease vehicles and repossessions, are motivating credit unions to seek greater efficiencies.
Internal risks tied to credit and compliance are far easier to manage thanks to advancements in loan origination solutions. Let’s take a quick look at how innovative capabilities help credit unions reduce credit risk while helping them comply with an increasing number of regulations.
Some of the top credit union technology challenges right now are: Lack of agility in deploying IT resources and services to meet dynamic processing demands associated with business cycles; inability to rapidly implement new applications or modify existing applications to meet evolving market needs; and obtaining maximum value from the growing volumes of data generated by transactions and customer interactions.
The sustained economic growth of recent months and an optimistic outlook presents credit unions with an opportunity and a challenge. There’s an opportunity to deliver additional financial services to new and existing members who want to leverage their improving financial standing.
By embracing the latest technology and innovations, even the smallest community credit unions can thrive in a saturated market. In this guide to the top five credit union technology trends of 2020, you’ll learn which must-have features you’ll need to attract new customers and discover the full potential of your lending portfolio.
