White Paper

Macro Trends and Next-Generation Lending

By W.B. King

posted 06.21.2018 (lending)

While credit reputation, capacity, and collateral will always determine risk and whether a loan receives approval, in today’s market, competition, technology, and digital reputation have created a new lending playing field. To this end, traditional lending methodologies do not always speak to younger demographics, who represent an increasingly larger share of the market. 

According to 2017 data from the Federal Reserve Bank of New York, 107 million Americans have auto loan debt, which is a record high, equal to roughly 43 percent of the entire adult population in the United States. When student loans, mortgages, and business loans are factored into the mix, it is clear that the lifeblood of a financial institution is its loan program.

Forward-leaning technologies can be deployed to entice new borrowers and to expedite the otherwise cumbersome and time-consuming loan application and vetting process; however, attracting new members requires increased funding, employee training, and a keen marketing strategy.

This white paper investigates the leading macro trends in lending. Four credit union executives offer respective experiences, opinions, and journey maps related to myriad lending topics, including:

  • the factors driving innovation,
  • how can credit unions capitalize and become more agile in pursuing lending opportunities, and
  • how executives can work with marketers to appeal to Millennial and Generation Z members.
This resource is only available to members. Please login to download or explore member benefits and join today

 

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