Most credit unions continue to wrestle with too many deposits and too few places to park that money profitably. Call this Part 3 of the CU2.0 deep dive into lending in the pandemic era and that is because Barclay Keith, CEO of Artis Technologies, has developed tools that will enable a credit union to empower business members - think home improvement retailers, contractors, jewelers, etc. - to initiate personal loans to consumers, typically in the range of $3000 to $65,000.
For the credit union, this just may be a high yield lending arena that also may well bring in new members.
For the business, a fast, convenient way for a shopper to borrow may bring in bigger and more sales.
For the consumer, this may be a quick and easy way to borrow at competitive rates.
Win-win-win.
For the consumer it typically takes minutes to complete a loan app, a process that can be initiated and completed at the retailer. The underwriting is AI powered, there's instant KYC verification, and the lending institution - the credit union - gets to set its own policies. Some may not want to lend to subprime borrowers, others may. Some may want to lend only to super-prime borrowers, many will have a broader standard. Artis Technologies lets the lending institution set the policies it is comfortable with.
The conversation with Keith in this podcast is a broad look at how the Artis tools work and the benefits that may come to credit unions that deploy them.
Part 1 of the new lending tactics series is #113 with Sherif Hassan on small business lending. Part 2 is #114 with Nicholas Hinrichsen on opportunities in refinancing car loans and also lending to subprime car buyers.
You know you have money on hand you want to put to work. Listen to the CU2.0 trilogy for ideas you can use today.
Barking alert: There is some barking and growling in this podcast, noises that defied filtering software used in editing the podcast. The podcast is clearly audible. And no animals were injured in recording the podcast.
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto
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