autoloantablet630By Brad Powell

"We're sensing a really deep, pent-up demand for automobiles. ... Auto loans are really a place where we can have our strongest impacts."
- Ahmed Campbell, vice president of credit operations at Municipal Credit Union

I wasn't surprised to read that quote in a story from earlier this year on lending projections by David Morrison of the Credit Union Times. It makes sense for two reasons:
1) Opportunities for credit unions to handle automotive loans have been growing in recent months, and experts expect that trend to continue.

2) Consumers are becoming more and more comfortable using mobile devices for lending transactions. The credit unions who embrace mobile technology soon will capture more than their fair share of the market opportunity.
When you consider that most automobiles are purchased when the member or consumer is not at home or at the credit union itself, embracing mobile devices becomes an essential component for success.

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electronic signaturesBy Brad Powell
But knowing those five things is not enough. Avoiding common mistakes other financial institutions make is just as important – if not more so.

As I said in the last post, there are compelling cases to be made for moving to e-signatures. But it’s also more complicated than some would have banks and credit unions believe. 

My advice is simple: Make sure you know what you’re getting into. Pay attention to the details and make the move for the right reasons. And make sure you don’t commit these costly errors:

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electronic signatures

By Brad Powell

Leaders at banks and credit unions that have not adopted electronic signatures are feeling the pressure.

Maybe the pressure is coming from customers and members. Remember when your neighbor said they would NEVER shop online? Now Amazon boxes arrive at least three times per week. By now bank customers and credit union members are comfortable conducting any and all sorts of business online, so they want to manage their finances via desktop, mobile phone or tablet – or all three – as well.

Or maybe the pressure is coming from their managers, who imagine the efficiencies and risk reduction that electronic signatures could produce.

Or it could be pressure from vendors who aggressively pitch their electronic signature solution – and tell you, “It’s easy.”

In response, I have two words: Slow down.

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