One of the most important things to consider when thinking about a credit union's growth strategy is the member experience. Happy members come back when they need additional services, make recommendations to friends and write reviews online about their positive (or negative) interactions. Happy members mean more business.
This is as true in banking as any other industry, and member satisfaction should continue to be a high priority for credit unions as their competition grows to include fintech companies. While credit unions are known for their excellent member service, when it comes to the loan application process for small businesses, many owners still have to fight their way through archaic and time intensive processes.
If the institution has goals of improving member experience, tackling the loan application process is an easy way to make a meaningful improvement that members will notice.
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