vision 2014: the new frontier credit unions expanding in commercial lending territory
DESCRIPTION
As credit unions expand further into commercial lending, how do they successfully compete with traditional banks? Where can the credit union make its mark and grow?TRANSCRIPT
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The new(er) frontier – credit unions expanding in commercial lending territory
Stephanie L. Butler Experian
#vision2014
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How do you leverage this?
“ As of 9/30/2013, there were 6,620
federally-insured credit unions in the
U.S. with an American Customer
Satisfaction Index (ACSI)
rating of 85 – compared to a
bank rating of 78. And, this rating
continues to improve for credit unions –
at three times higher rate than banks.
” — CUNA News Now, 12/11/2013
85
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… into growth in the non-real estate commercial loan arena?
Use the positive perception
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KEEP
CALM IT’S NOT
ROCKET
SCIENCE
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How do you make it happen AND be successful?
RIGHT people
RIGHT process
RIGHT technology
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Hire an experienced commercial lending team
Chief loan officer
Lenders
Credit
Operations manager
Documentation manager
Right people
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Use your experienced commercial lending team to create the right processes
Start with a clean slate!
► Don’t try to recycle consumer / residential real estate processes and use them for commercial lending
► It won’t work
Right process
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Core system needs to be able to support commercial loans AND deposits
ACH
Remote deposit capture
Line advances
Sweep accounts
Loan origination
How will you approve / underwrite commercial loans
Documentation
Right technology
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Is your credit union willing to do what it takes to succeed in the commercial lending arena?
Invest in the right people
Invest in the right processes
Invest in the right technology
Willing?
Take your relationship
view to the next level
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[email protected] | @ExpCUInsights
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