The credit score is THE key attribute lenders use to determine if they will offer credit to a borrower and if so at what rate. It is also key in analyzing loan portfolio risk as credit scores change from loan origination.
Due to the effects of the COVID-19 pandemic, the economy is facing historic unemployment, waning consumer confidence and GDP contraction. Yet during this period, credit scores actually improved.
In their latest article, 2020 Analytics examines why this might be and questions what will happen after relief programs expire.
The evolving world of customer experience (CX) is pushing credit unions to adopt a broader view of engagement, one that focuses on being there for members beginning the moment they first encounter their brand.
Since up to 95% of new account applications are abandoned before completion, it’s critical that members and prospects experience the strength of the credit union’s brand from the very beginning — through to every stage of the member journey and at every touchpoint.