The holiday season is here! You know what that means. Now is the time to get serious about streamline lending, data linking, and compliance. Christmas is an economic juggernaut. Between Black Friday sales and the run-up to Christmas day, Americans will spend about $1 trillion. The breakdown looks like this:
- The percentage of men and women who shop for Christmas is fairly equal. Yet, men tend to spend more on average ($725). Women spend $609, just over $100 less.
- The largest spending group are Gen Xers, with an average of $782.
- Millennials are second, with an average of $609.
- Baby Boomers bring up the Christmas Caboose, with an average spending of $576.
- Many shoppers would rather wait until after Christmas as many retailers are continuing after-holiday sales.
All of these statistics point to one thing… members will need liquidity to make it through the holiday season. And what better place to turn than their local credit union? Let’s take a look at a few things you can do to help.
Streamline Lending | Stop Toying Around
Is your lending process efficient? Do you give members a smooth online application experience? Taking measures to streamline credit union lending efforts is a great way to encourage member growth. The process from application to financing should be as simple as possible. Therefore, make sure you take care to minimize how many steps a member must take. Also, make sure each part of the application is as user-friendly as possible. Finally, make sure that there are no gaps in the process.
For instance, if a member starts an application online, yet prefers to finish in person, they should not have to start over. Being able to capture information and populate fields is wonderful. However, if a member has initiated the process online, then has to re-submit information, they might look elsewhere for loan servicing.
So, anything you can do to streamline your lending process translates to more members taking advantage of your services. Of course, we can help you with this process. Simply reach out to one of our Oak Tree forms specialists and they will be happy to help you. Our forms will definitely streamline your lending process. And, we have multiple formats available, too!
Data Linking | Data Processor Choices
Do your forms print correctly? If not, you could have a data linking issue. Even small discrepancies could be disastrous, especially if they involve printing the wrong check mark on a box. This is where Oak Tree really excels. We work with any data processor to make sure member information is mapped correctly, so your loan/membership documents print right the first time. Whether you are with one of the best core processors or changing data processors, Oak Tree can be your right hand to make sure your forms map properly and stay compliant.
Some credit unions, like Xceed Financial Credit Union, have decided to outsource their core processor. Other credit unions are considering converting from one data processor to another. We already have an impressive list of data processors we work with, including the most popular data processors at the moment. However, if you don’t see your processor on the list, no problem. We can still work with them to make sure your forms integrate seamlessly.
The statistics speak to the importance of data linking. In 2018, 25% of all online personal loans fell into the 35 and under demographic. Data linking can really aid loan application processes for secured lending, automobiles, and mortgages. Whereas streamlining speaks to efficiency, data linking speaks to infrastructure. However, these two are nothing if you neglect the last item.
Rules and regulations are always changing. When they do, your forms must update as well. Failure to do so could cost you thousands in fines and even loss of charter. To prevent this, it is important to have a vigilant forms provider. You need a provider who understands the nuances and verbiage needed when Regulation Z is amended or TRID regulations get an overhaul. Oak Tree Business Systems has served the credit union industry for more than 35 years.
Hence, we have the experience and expertise to help you maintain compliance. All of our forms fully comply with state and federal regulations. In addition, we make sure you always have the most current version of any form available. We offer online, print, and print-on-demand versions to help you meet any member need.
So don’t toy around with lending, data linking, or compliance this holiday season. Make sure your lending is streamlined, mapping is solid, and compliance is maintained. Failure to do so could result in a lump of coal from the CFPB, and a permanent spot on the naughty list.