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LenderHub

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

 

Credit Union Industry Stats and Performance Trends: Q4 2018

I look forward to CUDATA.COM’s statistics and trends report each quarter. It gives our team insights into what our industry is experiencing and how that will impact our clients and their members. 2018 ended on a high note, and we are seeing a strong start to 2019. Here are some notable KPIs from the report:

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Growing Non-Interest Income with Payment Protection

In the everyday hustle and bustle that occurs at your financial institution, it can be easy to wander off the path and lose focus. It happened to Texans Credit Union, but they were ultimately able to regain focus, leading them back to their philosophy to generate sales through service. And focus on what’s important to them--their members!

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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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Borrow Best Sales Practices from Other Financial Institutions

As you seek to increase your institution's share of business in the crowded financial institutions space, it can be valuable to check out what your colleagues and competitors are doing. To assist you with sales ideas, here are some best practices we've recently learned from our financial institution partners.

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How Longer Auto Loan Terms Impact Your Financial Institution

Long-term auto loans are known to be riskier, so why are they increasing in popularity when it comes to auto lending? In the auto industry, it’s not uncommon for consumers to have negative equity in their vehicle. Consumers want the latest and greatest when it comes to savvy technology and features so they upgrade their vehicles, and with that comes a cost. In order to keep costs down, many consumers are opting for longer terms in order to keep their payments affordable. But, does this set them up for financial failure?

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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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Consider Referrals an Educational Opportunity

When I meet with bank and credit union executives, I always ask them to describe their sales culture. The responses I get are usually similar and typically sound something like this: "we don't push sales but we do have goals;" "we are focusing on becoming more of a sales culture;" or "everyone has goals, but if we don't reach them, nothing really happens."

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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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Improve Your Retail Investment Program

You want your institution's members to have the best customer experience possible. As you evaluate ways to improve, consider how your retail investment program fits into your overall product mix and helps members meet their life goals and investment needs. Here are six elements to look for in a dedicated investment program partner.

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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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