Credit unions don’t need expensive technology to make drastic changes in the number of loans the organization funds. Sometimes they just need to make small changes to the technology and people they have.
“You can do just a little bit better in a few areas and it will make a huge difference,” says Kymrie Turner, vice president of direct lending at $17 billion asset America First Federal Credit Union, Ogden, Utah.
Turner and Rob Macari, director of sales, national accounts, at LSI, explored small steps credit unions can take to leverage technology, connect with more people, and fund more loans during a breakout session at the 2022 CUNA Lending Council Conference Friday in San Diego.
Some ways to increase funded loans:
Remember, the best outcomes often are the result of pairing technology with people.
Marcari explained how LSI offers a solution that gives a member who is applying for a loan online the option to be contacted. He says 56.1% of applicants check the box for the follow up phone call. The system also reaches out to applicants who either abandoned the loan application or received an automatic denial. In those cases, 21% of non-approvals who were contacted ended up with an approved loan after contact was made and more information was gathered.
“You don’t make a dime off the origination,” Marcari says. “It’s all about funding the loan. Go the extra step.”