Executive Summary
Situation: Credit unions are focused on expanding their membership and helping members access financial products that improve their financial health. At the same time, they must find new sources of profitable loan growth to alleviate balance sheet pressure and navigate tight net-interest margins. Yet they face ongoing challenges in their loan application review process to effectively identify who is truly creditworthy.
Question: Can credit unions fill the data gap caused by inaccurate or incomplete credit bureau information by gathering stipulations digitally to gain a clearer view of the members and recover lost loans?
Methodology: To seek answers to this question, this test involved engaging members and staff at two credit unions as well as gathering qualitative feedback by interviewing and surveying the participating credit unions' lending teams.
Credit Union Implications
Conductiv, or similar solutions, offers a valuable tool for credit unions to enhance lending performance in multiple ways. Download the full report to see the results from the test as well as the feedback from the participating credit unions and their lending teams.
Filene would like to thank Conductiv, everwise credit union and Resource One Credit Union for their contributions and support throughout this test.
