Alliant Credit Union in Chicago thinks auto loans, credit cards, student loans, and commercial real estate loans will be major growth areas for 2015. Launching mobile lending capability also is on Alliant’s radar.
The primary focus for 2015, however, will be to “improve members’ service experience,” says Jason Osterhage, senior vice president of lending at the $8.2 billion asset credit union and vice chair of the CUNA Lending Council.
This process begins with creating what’s called a “member journey map,” Osterhage explains. For an auto loan, for instance, this tool would map out all the steps the member takes through the process.
“It’s surprising how you can lose sight of the member’s experience,” he says. “We’re experts at making loans and managing the operations. But we can forget to see how the process works from the member’s perspective.”
Alliant will use these maps to develop and prioritize a list of loan-process changes that will enhance the member experience. Some changes might be minor, but others could be more ambitious, such as installing a new technology.
“We think it’s absolutely critical to design a low-effort, engaging interaction with our borrowing members,” Osterhage says. “Loan pricing and product features are all fairly standard. If you come up with an innovation, it can be copied quickly. We feel that daily execution of a well-orchestrated borrowing experience is the way to set us apart.”