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LenderHub

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

 

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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Columbine FCU Finds Indirect Lending Success with Hybrid CPI

When a Collateral Protection Insurance (CPI) program is implemented correctly, the program protects the lender and borrower in the event a customer fails to update their auto insurance status. As the Consumer Financial Protection Bureau (CFPB) continues to crack down on unsavory insurance tracking tactics by banks and underwriters, your financial institution should compare program options and determine if traditional CPI or Hybrid CPI is the better choice for your risk management strategy.

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Credit Life Insurance and the Underinsured/Uninsured American

According to the 2016 LIMRA Ownership Study, almost half of all U.S. households have an average life insurance coverage gap of $200,000 per household. This same research also showed that 37.5 million households do not have any life insurance at all which means that 30% of U.S. households are completely uninsured. There is a silver lining in this research though, particularly for financial institutions, as the LIMRA findings identified that trust is the number one factor that comes into play when an individual does indeed purchase life insurance coverage.

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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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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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Gen Y: The New Generation of Life Insurance Consumers

Did you know that Millennials are expected to inherit more than $17.8 trillion? Gen Y is a substantial group, and these future business leaders are quickly leaving their mark on the world. With all that Gen Y is experiencing, it makes sense that they are the future life insurance consumers. But does Gen Y know the role that insurance could play in their life? Even today.

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What Do Tanning Lotion, Water Floats, and Auto Insurance Have in Common?

Imagine that it is a bright sunny day—perfect for laying out at the pool. You're ready to go, when you suddenly realize that you don't have any tanning lotion. So you hop in your car, drive down the street to the closest grocery store, and pick up the lotion that you desperately needed.

Conveniently, the lotion is located in an aisle full of fun activities that can be used at the pool. So, you decide to pick up a couple of floats, a ball, and you might as well add in some new shades, too. You're so excited with the treasures that you have found that you can hardly wait until your feet meet that baby blue water.

Now, imagine if you had gone to the store and the tanning lotion was in its normal spot, next to all of the other lotions.

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Maximize Your Auto Lending Strategy By Cross Selling

Does your institution take advantage of tax season to increase auto loan promotions? If not, perhaps that is something you should consider, and for good reason. As of March 6, according to the IRS, the average tax refund is $3,034, a 3% increase from the same time last year. In addition, car sales tend to rise during tax season. According to Edmunds, car sales peaked around May for most manufacturers. If your customers are planning to get behind the wheel of a new vehicle this year and have an influx of extra cash, they will likely turn to you to meet their auto lending needs.

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It’s Never Too Late to Make Resolutions

A little over a month has passed since we rang in the new year and set personal goals to make 2015 the best year yet. So, how are your resolutions going? Good? Bad? Did you even make any? While it’s true that the new year invites new beginnings (and new resolutions), the reality is, you can make a resolution any time of the year. And, they don’t have to be run-of-the-mill resolutions like getting in shape, saving more money, etc., which—let’s face it—are all-too-easy to not accomplish.

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Life Insurance: 5 Reasons It Should Be One of Your Core Products

Not all insurance products on the market are applicable to everyone, nor available to everyone for that matter. For example, some of your customers may never purchase a home so homeowners’ insurance is not applicable (but renters’ insurance is!), or if they live in an area with great mass public transportation, they most likely will not need a car loan and corresponding auto insurance.  However, life insurance is coverage that everyone should have in place.

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