Digital Lending Strategies for Credit Unions

This article presents a guide on the evolving landscape of digital lending within credit unions, emphasizing the varying strategies being adopted to enhance member experiences. It outlines two primary approaches: one that advocates for complete digitization of the lending process and another that favors a traditional in-branch experience while digitizing back-office operations. The text discusses the importance of front-end member portals that allow users to assess their home equity and loan options, and highlights the competitive nature of the home equity market, where speed and operational efficiency are crucial. Examples from credit unions like Sharonview and Truliant illustrate the implementation of digital platforms and their impact on member satisfaction and operational costs. The article concludes by noting that credit unions must adopt solutions that balance profitability with superior customer experiences, whether through comprehensive digital transformations or targeted enhancements.