Consumer lending
Are you taking full advantage of your credit union's lending potential? Regulations and compliance rules continue to change as the lending landscape shifts toward new demographics, namely millennials. This newer market segment operates in a completely different manner than its Generation X and baby boomer counterparts.
For one, they lean into fintech. Young Money cited 92% of millennials choose a financial institution based on digital services and 30% have at least one financial product not offered by their financial institution. Folding them into your lending program can make a huge impact on your credit union. All three of the above generations want to spend money, and you have the capacity to make it happen. The key lies in knowing each demographic, yet that can come off as generic and non-actionable. To be specific, you must know your members and know them well.
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