This paper will look at the evolving expectations of credit union borrowers — who demand personalized products and offerings — and ways to satisfy those expectations. We will introduce how a multidimensional view of the member lets credit unions segment more accurately, which can drive product and service design, improve data-driven decisioning, and tailor communications strategies. And we’ll walk through tips for designing and deploying an effective strategy using integrated decisioning.
In the financial services universe, there is no shortage of players battling for consumer attention and share of wallet. Download our latest infographics to review our latest findings, revealing insights and stats on credit union members, as well as how credit unions are faring on various loan products in comparison to banks and online lenders.
This is the State of Credit Unions in 2017, exclusively presented by Experian.
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While the mortgage meltdown tied to the Great Recession has passed, the peak of loans originating during that downturn continues to be monitored and assessed. Home equity lending was especially popular during the housing boom, and as the end-of-draw period trails, there is a great interest in consumer behaviors and repayment tied to these loans. This Experian analysis explores the spike in end of draw, as well as trends attached to originations and delinquencies.
Washington State Employees Credit Union (WSECU) leveraged Experian’s Advanced Prequalification solution to provide members with instant credit decisioning through their online banking platform. Within three months of implementing a digital prequalification process, the member-powered credit union’s loan and credit applications increased by 25%.
Discover how Advanced Prequalification helped WSECU in this case study.
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