By Eric Nelson
Charles Darwin once said: “It is not the strongest of the species that survives, nor the most intelligent. It is the one that is most adaptable to change.” In an age of rapidly evolving technology, consumer expectations and industry challenges, these words are as true as ever today - especially for credit unions.
While 2016 made credit unions rethink how they lend to members, market conditions suggest this year will present strong, continued credit union loan growth. In fact, loan balances are forecast to grow by 9 percent in 2017 in our industry.
In a recent article, Maximize Lending in 2017: Three Keys, in Credit Union Magazine, our SVP of Commercial, John Wallace, provided insight on how credit unions can achieve their lending potential. His top tips include:
- Capitalize on pent-up auto lending demand. Record sales of 17.75 million new vehicles are forecast for 2017.
- Develop a simple, seamless consumer experience. Members have applied for more than $3.3 billion in auto loans via mobile apps!
- Adapt to new ways of issuing and servicing loans.