Tag: credit union

Here’s a step-by-step guide on how to create an effective credit union collection strategy. Read on to learn more.

Consumers are shifting to used vehicles over new, with a higher percentage of consumers financing used. The move comes as the industry continues to grapple with inventory shortages, driving vehicle values higher.

According to Experian’s State of the Automotive Finance Market Report: Q1 2022, credit unions had their highest total share in five years

In today’s evolving and competitive market, the stakes are high to deliver both quantity and quality. That is, to deliver growth goals while increasing customer satisfaction. OneAZ Credit Union is the second largest credit union in Arizona, serving over 157,000 members across 21 branches. Wanting to fund more loans faster and offer a better member experience through their existing loan origination system (LOS), OneAZ looked to improve their decisioning system and long-standing underwriting criteria. They partnered with Experian to create an automated underwriting strategy to meet their aggressive approval rate and loss rate goals. By implementing an integrated decisioning system, OneAZ had flexible access to data credit attributes and scores, resulting in increased automation through their existing LOS – meaning they didn’t have to completely overhaul their decisioning systems. Additionally, they leveraged software that enabled champion/challenger strategies and the flexibility to manage their decision criteria. Within one month of implementation, OneAZ saw a 26% increase in loan funding rates and a 25% decrease in manual reviews. They can now pivot quickly to respond to continuously evolving conditions. “The speed at which we can return a decision and our better understanding of future performance has really propelled us in being able to better serve our members,” said John Schooner, VP Credit Risk Management at OneAZ. Read our case study for more insight on how automation and Experian Decisioning can move the needle for your organization, including: Streamlined strategy development and execution to minimize costly customizations and coding Comprehensive data assets across multiple sources to ensure ID verification and a holistic view of your prospect Proactive monitoring and real-time visibility to challenge and rapidly adjust strategies as needed Download the full case study

Even if it looks like a bank and acts like a bank, there’s a good chance the company behind that financial services transaction may actually be a fintech.

For credit unions, having the the proper income and employment verification tools in place is key when creating a first-class application process.

It’s critical for credit unions to understand the specific threats presented by life online and be prepared with a fraud detection and prevention plan

A high-level review of risk-adjusted yields across three common retail products offered by credit unions show that credit cards can be very profitable.

The CU Times recently reported on a nationwide synthetic identity fraud ring impacting several major credit unions and banks.

With shrinking budgets and increased demand for customized messaging, financial marketing teams have numerous challenges. Learn how the best find success.

What if you could increase your market engagement rate from 5% to 10%? Getting strategic about your segmentation makes all the difference.

Experian is excited to once again take part in the 2019 CUNA Lending Council Conference, an event that brings together the credit union movement’s best and brightest in lending.

FinTechs first entered the marketplace as competitors, but as they grow, some have started to partner with traditional financial institutions.

Experian sat down with Shawn Hanson, CEO at Marine Credit Union to get his perspective and insights about growth, risk and the underserved.

There are a lot of people talking about big data who are not fully leveraging the value of their data. How do you use data to innovate and stay competitive?