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Credit Unions Can Continue Building Community Through COVID-19

When seeking out leads for successful loans, CUs must reevaluate their lead processes and risk models.

By Clint Lotz | December 30, 2020 at 09:00 AM
Approval stamped on a loan application Source: Shutterstock.

Consumers have always looked to credit unions for friendly, in person service to help fund life goals like opening businesses and buying homes. The level of trust and care members have come to rely on from their neighborhood credit union is what sets them apart from big box banks. But with the looming health and safety concerns communities are currently navigating, most credit unions find they have been forced to temporarily close branches or reduce their branch hours – and enforce restrictive distancing guidelines when open.

As communities change and grow through this pandemic, credit unions must find other ways to connect with consumers so they can compete with larger banks in finding new members and still retain their base to keep the institution’s bottom line healthy.

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