Redefining the Consumer Lending Environment

Effective credit unions adopt new strategies to better meet industry demands and member expectations. Modern members of all ages favor speedy and seamless transactions along with the opportunity to succeed in the credit approval process, which requires credit unions to see members as more than a traditional credit score.

Retaining and attracting new members in today’s consumer lending environment depends on embodying automated solutions into credit unions’ processes, proposing seamless transactions and accepting the transformation of employment.

 

Importance of Cloud Data to Credit Unions

Credit unions persistently work to dispose of the manual and cumbersome process of extracting data from numerous sources to reassure a member’s reliability when borrowing. Credit unions are able to do this by leveraging streamlined digital verification solutions.

 

Faster Transactions: Easier With Reduced Friction

Utilizing automation can result in an overall upgraded member experience. Using the combination of digital and human interaction to your advantage reduces the need to exercise tedious, paper-based processes. 

 

The Gig Economy Is Here to Stay

The pandemic compelled everybody to think about the different ways younger generations can earn a lasting income, causing credit unions to reflect on the importance of traditional credit scores for creditworthiness. Full-time employees sitting in an office for eight hours a day is an outdated picture of the workforce. Credit unions that desire to be financially inclusive can evoke diverse demographics of borrowers across all age groups by extending exceptional personal journeys, regardless of their credit history.

Allison Heller elaborated on these top trends in consumer lending and why credit unions need to make these a priority in order to better meet the needs of today’s consumers the a recent article in Credit Union Times.