This year CU Members Mortgage had the privilege of being a platinum sponsor of the ACUMA Annual Meeting and Conference held in Las Vegas at the end of September. As usual, this event was a great showcase of the who’s who in credit union mortgage lending and solutions providers who assist them. Sessions always include practical advice on a variety of hot topics, and networking opportunities give all attendees a chance to learn from those deeply involved in the industry.
This year’s event focused on new technology resources and disruptors to the traditional pipeline. The event made a case for credit unions to quickly and deliberately move into the digital world. Many big banks and brokers are making big splashes with promises of instant mortgage satisfaction with digital solutions that are a Millennial’s dream, but what does that really mean for your credit union?
Speaker Mark Sievewright, CEO of of Sievewright & Associates, talked about the four worldwide trends impacting credit unions and their lending programs.
- Members make an average of 3.2 visits to a branch each year, but made 171.6 online visits. He pointed out that only credit unions with more than $500 million in assets were seeing growth.
- Technology solutions are changing the landscape of the financial services industry and in essence the member experience overall.
- Fin-techs are showing up in credit union mortgage lending because it’s an easy entry and you can make a big impact.
- Marketers are no longer focused on what generation their audience is representing, but on their behaviors.
Technology is rapidly changing in mortgage lending and it’s hard to think that smaller credit unions will struggle to compete without advanced technology solutions in the future, unless they are willing to make some big investments. In fact, CU Members Mortgage is currently working on some great new technology solutions to launch next year that will greatly impact the member experience and the credit unions we work with. It seems a collaborative effort to provide for members is what’s necessary to compete these days. What technology changes is your credit union making to improve the member experience?