8 Things the Chief Lending Officer Needs to be Successful

Lending is the primary revenue generator in a credit union. To be an expert at generating this revenue, lenders have the following needs and more:

  1. A loan origination system that works seamlessly for the member
  2. Smooth handoffs throughout the lending process to underwriters, processors, and funders
  3. Ability to monitor and act on delinquencies
  4. Ability to track the loan pipeline and learn about loans approved and not funded, exactly where members get lost or drop out of the loan application process
  5. Monitor loan quality, credit risk, and compliance
  6. Shorten the timeline between application and funding
  7. Monitor loan officer performance and productivity
  8. View balances gained, balances lost and net growth

Almost all of these needs require system integrations by multiple vendors. Everything from the loan origination tool to asset recovery efforts, vendors need to be integrated into the core and often vendor to vendor. Data is siloed in multiple applications in the world of Lending.

All of these system integrations and the maintenance of these systems take up significant IT bandwidth and investment.

How can Lending get all of this IT work done more efficiently and effectively?

When a credit union wants to integrate a vendor into the core, we know it has been done before at another credit union. So why is it like reinventing the wheel over and over and over again? It honestly feels like everyone: the credit union, the vendor, and the core system provider are doing this for the first time, every time. We know it doesn’t have to be that way. It is only that way because a single standard of integration has not been developed. Yes, it is that simple.

Now fast forward.

What would your credit union’s systems integration and maintenance budget look like if all of the data lenders need is located in a searchable database where the data has been cleansed, normalized, and diligently maintained? Being a partner in an organization-wide data strategy effort can accomplish this future state. No, it doesn’t happen overnight, but the result is the credit union walks away with one source of truth where data inconsistencies and silos are a thing of the past.

About rich@leading2leadership.com

Rich Jones is the Founder/Principal of Leading2Leadership LLC. Before starting his strategic planning agency, he spent over 20 years in leadership roles in the financial services sector. Before becoming an executive in the financial services sector, Rich was an entrepreneur, building and selling two businesses and working for early-stage start-up companies in executive roles in marketing, business development, and seeking investment partners. With more than three decades of experience, he brings innovative thought to companies and executives. Rich published “Leading2Leadership, a Situational Primer to Leadership Excellence.” The book is available on Amazon.com and was designed to be used as a book study for leadership development programs; it breaks leadership skills into manageable situations for discussion and reflection. Rich works with credit unions, CUSOs, and vendors, designing digital, data, culture, marketing, and branding transformation strategies. In 2014, Chosen as a Credit Union Rock Star by CU Magazine, and in 2018, Rich received the Lifetime Achievement Award from CUNA Marketing and Business Development Council. A Marine and graduate of Colorado State University, Jones shares his expertise at www.leading2leadership.com.

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