Every credit union offers perks to its members. This usually starts at the very beginning with offers to deposit a certain amount of money to those who open an account, or other similar incentives. It can also be discounted for local events, contests, or in-house celebrations for members. This is all fun and exciting but as you know, there are more opportunities for members that go beyond giveaways and contests. Most branches look to educate the people they serve and it can go a long way on both ends. On one side, credit unions can provide opportunities to help out people who want information on specific topics like home or auto lending. On the other end, newly educated members are more comfortable applying for a loan or using a credit union service that they may not have known much about in the past. This can be used as a major advantage for your credit union because the more they know, the more you grow.
As with anything, education and information are key. Being uninformed sets you up to fail or be uncomfortable in certain situations. For example, a person with no information about home loans would unlikely walk into your credit union and try to apply for one. The first step would seemingly be to seek out information about the topic, and your credit union would be a good place to start. Interest rates differ between credit unions and banks, and that is a very popular topic. Offering seminars and courses are super beneficial to members because they might not know about any other opportunities. Your credit union might be the first place they turn to, so these resources should be readily available.
A lot of credit unions already offer in-house financial education for their members. They understand that with more members familiar with lending options and other services, comes more opportunity. Like we said earlier, a person with no knowledge of how lending works would likely never consider taking out a loan. In contrast, if you were to give someone the relevant information about lending, they would probably consider your credit union for a loan over another institution since they are getting the information from the source. It is a matter of comfortability and convenience for them. Take advantage of these opportunities and make sure your credit union provides ample resources for members.
Lending is an all too familiar topic for us here at Oak Tree. We specialize in lending forms and disclosures of all sorts that fit your credit union’s wants and needs. We want to be a part of your credit union and help with opportunities for your members. We have experience working with core processors during mergers. Furthermore, we make sure to adhere to all compliance issues and regulations to ensure that our products don’t cause you any issues. We take great pride in this and the ability to be a part of the credit union world.
Be sure to visit our products & services page where you will find all your lending forms needs. From home equity lending to consumer lending, we have it all, with compliance issues taken care of. Contact us at ClientServices@oaktreebiz.com to see if there is anything we can help you with.