An executive with CUNA Mutual Group told credit union executives attending the company's Discovery Conference Wednesday that increased demand for vehicle loans can provide growth opportunities for credit unions.
"It is very important to be available to members through mobile means and to make sure all of your channels, including face-to-face interactions, complement one another," Steve Hoke, director of loan growth products for CUNA Mutual, said.
Hoke presented data from CUNA Mutual's loan application tool that showed consumers used a mobile device to make a loan application 25% of the time, while industry data indicated 63% of consumers shopped with a smartphone while on the dealer lot.
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