Want to succeed in the future? Establish high-value loan relationships

first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Shopping behaviors differ among loan categories, Filene research reveals. But on average, less than half of members compare loans from different institutions.Credit unions will rely on member relationships to steer the ship into the next decade, but the tide is turning—and fast. Today’s low-rate environment could persist for years.That’s why more consumers shopping for loans will demand convenience above all.In the future, existing member relationships won’t be enough to increase your share of high-value loans such as mortgages. In fact, a study of key attributes behind members’ loan preferences reveals low rates, competitive fees, and the ease and speed of the application process each play a significant role, according to Filene’s “Linking Member Satisfaction to Loan Decisions.”For credit unions, low-value loans always have been a comfortable sell. Staying relevant in the oncoming decade will require a better ability to capture first mortgages and home equity lines of credit. continue reading »last_img

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