Thank you for sharing!

Your article was successfully shared with the contacts you provided.

We do not need a crystal ball to figure out what tools financial institutions will need to compete in the 21st century. The internet has disrupted many business models, including the credit union business model. While the internet provides credit unions with the opportunity to connect to their members remotely, the internet has also enabled credit union competitors nationwide to access members. Some of these competitors have technology that is extraordinary and improving every year. The latest example is Rocket Mortgage by Quicken Loans. While the eight-minute approval it advertises is rarely a reality, its approval process takes a fraction of the time for conventional underwriting.

Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.