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LenderHub

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

 

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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Attributes of the Most Effective CPI Programs

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  Your aging CPI program have you worried? Could Hybrid CPI be the answer?

 Reducing borrower noise and lowering CPI premiums resulted in the creation of Hybrid CPI

The largest asset that a lender has is their loan portfolio. In order to mitigate the risk caused by uninsured collateral, lenders have several options to choose from in loan risk management programs. Not all programs are the same, so, your financial institution needs to carefully review the program which best fits your needs, considering the collateral being financed, the make-up of the loan portfolio, and the amount of risk your team is willing to assume.

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3 Ways to Help Your Customers with Their Retirement Plan

Financial institutions have a unique role in serving as another arm of their customer's financial education. Even in this day and age of Google, where consumers can find answers to almost any of their questions with the click of their mouse, sometimes it's still more beneficial to sit and talk one-on-one with a trusted professional. While most consumers understand that not all information on the web is created equal, the fact of the matter is, even with the endless amount of financial education that is digitally available to consumers, there is still a lack of financial literacy. Inside your customer database, particularly when it comes to the importance of retirement savings, you'll likely find a population of customers that have not partaken in retirement-saving activities. In fact, according to a survey conducted by Wells Fargo in 2014, 34% of middle-class Americans were not contributing to any kind of retirement savings account.

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2017 Trends in FinTech

When it comes to any area of technology, one thing's for sure: it's ever changing and evolving. Financial technology, or fintech, is no exception. And while it can be tiring to keep up—let alone stay ahead—in the industry, we must do so, since falling behind quickly allows our competitors to gain ground. 

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Delinquencies Are Increasing: What it Means for You

The auto loan industry is massive and chances are that if you are a financial institution, you are also in the auto loan lending game. For the first time in first-quarter history, open auto loans have surged past $1 trillion per market research firm, Experian Automotive. Due to their findings, they have advised lenders to “keep a close eye on delinquency trends to ensure the market remains healthy.” Should consumers keep making timely monthly payments, the market has a greater chance of maintaining affordable financing options. While auto loans can offer profitability for a financial institution, there are also some downfalls and risk when it comes to the lending industry. In recent years, the auto-loan industry has seen a rise in delinquencies. And, of course, this is never a good thing for financial institutions. 

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Essential Tips for Accepting Loan and Credit Payments Online


As consumers continue to move toward a completely digital life, they are embracing different forms of online billing and ways to accept payments, including EMV or chip card use, and an increase in mobile connectedness. Customers use an average of 3.6 different payment methods each month for their bills, according to the 2016 Annual Billing Household Survey. Mobile payment use increased dramatically, with 33% of online households reporting to have paid a monthly bill through their mobile phone, a 22% increase compared to last year’s survey. 

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Four Payment Processing Best Practices to Deploy with Your Employees

We all know that any process involving humans is subject to human mistakes. When your staff works with and processes credit and debit card payments, as many employees in financial institutions do, there's room for human error—in addition to intentional fraud—in the event that employees mishandle card data with no ill intent. However, these careless actions are data security violations, which can lead to fraud and improper charges to your customers' accounts.

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Sales Success is as Simple as Listening

Well, now that I have your attention, there are a ton of opinions about what contributes to sales success. Some people recommend working with prospects by day and producing reports and traveling by night. Others recommend diving deep into client analytics, building relationships with a nine iron, and sending birthday cards for their dogs.

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4 Things Consumers Expect from a Payments System

Consumers are empowered to do almost everything themselves online or via mobile—from comparing prices to checking in at the airport. Where there’s a will, consumers want a way, and that includes procuring their own customer service in the fastest, most convenient way possible. Here are a few things your financial institution can do to ensure you are meeting today’s consumer preferences and needs.

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The Sales Presentation Begins at  'Hello'

In this hi-tech, digital age, we tend to lose the "art" of conversation with our customers. Customers are the lifeblood of a business, so building a strong rapport with them is imperative to the success of almost any organization. Learning about your customers and developing a strong relationship can take time and dedication, so deploying the right communications strategies is critical. Here are four steps for establishing better communication and, in turn, lasting relationships with your customers.

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