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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

The CUInsight Experience Podcast: Featuring Charlie Amato

Our Chairman and Co-founder had the opportunity to sit down with CUInsight's Randy Smith, to chat about some of the most important lessons he's learned in life and business, his dedication to giving back to the community, as well as the culture that he and President and Co-founder, Gary Dudley, have built over the last 43 years for SWBC.

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Increase Borrower Satisfaction Through Payment Convenience

Imagine a world where ‘It got lost in the mail’ is no longer a viable excuse for late or missed payments. Not only is payment processing an essential operation for any business, it is also a point of contact that directly correlates with customer satisfaction. If there was a way to increase borrower satisfaction by tweaking your payments process to a more convenient model, would you buy in?

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How Payment Preference Should Dictate Payment Acceptance

Think back to a moment when you’ve left a restaurant, a hotel, maybe a store, and you witness a high-quality customer experience. It could’ve been a small detail or several small details, that when added up provided you, a very different experience. It’s these little experiences more and more retail shops are embracing to stand out from the crowd. The demand for high-quality experiences has spilled over into the financial services market in recent years, thanks to increased competition from traditional and non-traditional financial institutions. Now, more than ever, consumers have a wide range of banking options including loan payment options.

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Add Value to Premium Checking with Voluntary Protection Products

Increasing non-interest income to help cover costs and introducing new services while also staying true to your financial institution's mission can be tricky. One way to do so is by introducing new products that complement your current offerings and bring value to your new and existing consumer base. To that end, voluntary protection products, often available in combination with premium checking accounts, are a great option for financial institutions to add to their product and service portfolios.

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4 Rules for Creating Compelling Consumer Experiences

In November 2017, I had the pleasure of attending the Digital Marketing for Financial Services Summit in Brooklyn, New York. This conferences is one of the world's leading digital marketing events for financial services, covering the latest and greatest digital marketing strategies specific to financial institutions. I walked away with a number of thoughts and insights, and an extensive list of ideas. One of the topics that I thought would be worth sharing with you is this idea of how financial institutions can make incremental changes to create more compelling consumer experiences. The more that we learn about consumers, their purchasing behavior, and changing technology trends, the more we learn just how fickle consumers can be! But, for better or worse, in order to connect with your customers and remain competitive, financial institutions will have to develop a culture that is dedicated to understanding and adopting technology trends that create compelling consumer experiences. Here are four things your institution can do to build trust and enhance your relationships with your customers.

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Find Out How Texans Credit Union Created Non-Interest Income Growth of 17.89%

It’s not uncommon for a company to find itself running on a different track than the one on which it started. When that happens, it may not be so easy to change course. Texans Credit Union found themselves in this exact situation and with the help of SWBC, they managed to refocus and find success.

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Artificial Intelligence (AI) vs Humans for Customer Service

Making a customer service call to resolve an issue can be a real drag. You know the drill: you wait for umpteen minutes for the next available representative as precious moments of your life tick away. When someone finally gets on the line, you may get the run-around, a rep with an attitude, or a transfer to customer oblivion. Who has time for that? Maybe that’s why artificial intelligence, also referred to as AI, has worked so well for situations like this.

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Develop an Omnichannel Experience that Delights Your Customers

It's really quite something when you realize that 77% of Americans now own a smartphone, and 88% of U.S. adults use the internet, according to a late 2016 Pew Research survey. Continuing to round out media devices—more than half of all Americans own a tablet computer, which is an increase of 48% in just six years. Why are these stats important to you as a financial institution leader? It means that your customers can, and do, interact with your institution in a multitude of ways. Many of those channels are technology-driven and customers relish in the availability of multi-channels–providing them the flexibility to utilize the best option based on their needs at any given time.

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How One Financial Institution Increased Their Payment Transactions By 43%

When a financial institution expands its products and services in one area, the residual effect in other parts of the institution likely requires a reaction. This was the case at USALLIANCE Financial. Their team saw rapid growth as a result of increased indirect lending efforts, which required the team to react to their members' needs. The need to support these new borrowers with an effective loan pay platform became a challenge for USALLIANCE.

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Gain a New Perspective on Credit Life Insurance

In the financial services industry, it is widely known that credit life insurance pays off the outstanding loan balance to which it is attached. But have you ever really realized how credit insurance is a key component in serving American households who may have no life insurance at all—that is, up until the point where you, the lender, offer it. According to LIMRA’s 2016 Life Insurance Ownership Study, 37 million households don’t own any life insurance coverage whatsoever. In addition, more than 10% of all U.S. Households said they would have trouble covering everyday living expenses after several months if the primary wage earner died. I think it would be safe to assume that the primary wage earner was definitely the borrower or co-borrower on their existing loans.

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