5 strategies to adapt your CU’s lending program for the deposit influx

by The CU Lab

With an historic influx of federal stimulus (and more on the way), many credit unions are looking to deploy excess liquidity into earning assets. The question quickly becomes: How do I grow loan profitably these days while margins remain compressed? We’re answering this question with five strategies involving tangible, actionable data for your credit union

Key Takeaways:

  • [02:26] The average consumer checking balance in 2020 increased by $1833 which is 37%. You can see that a lot of this federal money is still sitting in bank accounts.
  • [05:00] Outside of the FICO score, what’s more predictive of financial capacity than the amount of money that a member keeps in their checking account from month to month.  It is direct evidence of their ability to service debt.    
  • [11:49] Digital marketing is a game-changer for credit unions in competition with the larger banks. Digital marketing starts with the audience, not the channel. Who do I want to communicate with and where can I find them online?

 

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