Page 33 - Perspectives Vol.15 Issue 2

get prequalified quickly and easily, and submit information electronically.
The problem is that customer expectations have changed, and the quick technology fixes that have worked in the past aren’t delivering the desired results. That’s because deploying technology is only part of the digital mortgage process.
Traditional mortgage lenders
are struggling to meet borrower expectations, while working to fend
off new competitors. Meanwhile,
credit unions already have good working relationships with 100 million American consumers. Even better, 72% of credit union members are satisfied with their institution, compared to only 60% for regional banks and 52% with national banks.
Bottom line, credit unions have a significant opportunity to increase market share in the communities in which they operate. Setting themselves apart by taking these steps
will go a long way in positioning credit unions for long-
term growth and
success in the
mortgage lending marketplace.
Credit unions have a significant opportunity to increase market share.
When asked, consumers said they have lower levels of trust in traditional banks to fulfill strategic pledges, including providing unbiased advice.
This is a credit union’s best opportunity to stand out from competing institutions. Borrowers are looking for someone to trust. Credit unions are already that trusted source for auto loans. They can—and should—also play that role for home financing.
3. Be the customer
service experts
One area in which credit unions have a competitive strength over other lender types is customer service. Lenders
have been struggling to improve the borrower experience for more than
a decade now and are gaining some ground. This is largely due to the application of new technologies that allow borrowers to perform research,
2020 Perspectives 31