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Grow Share of Wallet With Complete Credit Data

Credit unions face challenges when tailoring their business to member-specific needs while also managing risk.

By Greg Rable | Updated on August 04, 2017

Member-driven. Member-centric. Member-friendly. No matter what you call it, today’s members, or consumers, are driving the way businesses interact with credit unions and other providers. It’s not exclusive to the financial services industry – consumers are driving the way we do business across the board, demanding that businesses adapt to the way customers most want their needs to be met. But credit unions may be challenged when trying to tailor business to member-specific needs while simultaneously managing risk. The competing and conflicting interests can impact membership and growth in share of wallet.

But a goldmine of data, largely untapped by credit unions, could enhance loan portfolios in the anticipated surge in consumer borrowing. While alternative credit data exists for consumers with less than 700 credit scores – an estimated 113 million consumers – Big 3 bureaus never consider it.

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