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2015 callahan COLLECTIONS
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In the United States, small businesses make up 99.7% of employer firms, according to the Small Business Association. As localized financial institutions, credit unions are well positioned to serve this business community. Although small business loans carry additional risk, credit unions from across the industry have proven time and again how to accommodate this risk while helping these firms fulfill their societal benefit. That’s why this Callahan Collection offers examples of successful member business lending programs and initiatives from coast to coast.
New regulations require more time, money, and resources to stay compliant. This Callahan Collection outlines different strategies for making sure the credit union is not only compliant now but also remains there in the future. Learn best practices in staffing strategies, CUSO development, technology security, and more from credit unions in the know.
The next generation of car buyers is just around the corner. And as their buying power increases, so too will their need for transportation that meets their standards for quality, affordability, and environmental sustainability. This Callahan Collection showcases big-picture strategies as well as specific credit union tactics — including green loans, car-sharing, and savings and buying education — for reaching this generation.
Although building a realtor network can seem like a daunting task, similarities between credit unions and realtors can spur an initial conversation. Both are built upon personal relationships within their communities and customer trust, and share a calling to help individuals achieve home ownership. This Callahan Collection profiles the various approaches credit unions have employed to develop realtor relationships.
Total auto loans across the credit union industry grew 16.70% year-over-year as of the first quarter 2015. That’s the tenth consecutive quarter in which the industry posted double-digit growth or higher. At the same time, new and used auto delinquencies were low — 0.62% and 0.31% respectively.
Credit unions serve a diverse set of members, and not all of them have “A” or “B” quality credit. That’s why this Callahan Collection showcases credit unions that have developed educational and technological means to better serve the auto needs of members while managing against risk.
Credit unions from California to Florida are offering unconventional, low-dollar lending products to satisfy the specific needs of members. From a product that mimics a tanda — an informal credit source used by Hispanic communities — to another that helps fund construction projects, the credit unions profiled in this Callahan Collection are finding innovative ways to meet member needs, whatever the niche might be.
Facebook had an average 829 million online and 654 mobile daily active users in June 2014. Twitter boasts 271 million monthly active users, 78% of which are on mobile. Social media is a juggernaut, and the potential to reach young adults here is a marketer’s dream. Despite the difficulty in calculating return on investment, the marketing dollars spent on social media continue to grow. In 2012, companies spent $3.4 billion on social media advertising; that could climb to $8 billion in 2015. You must be prepared for this brave new world. That’s why this Callahan Collection offers best practices on how to turn online and social media channels into a marketing tool.
Millennials will have more spending power than any other generation by 2017, according to TIME. That buying power means credit unions must design or adopt products and services that satisfy the tastes of a generation markedly dif- ferent than the one that preceded it. Many credit unions have already started offering technological and operational options that satisfy millennial expectations; that’s why this Callahan Collection highlights the strides being made in lending, investments, advisory boards, and much more. 2017 isn’t that far away.
Prepare your institution. The millennials are coming.
Credit unions held more than $102 billion in indirect auto loans Nationwide as of June 2014, according to Callahan & Associates. That’s the largest balance in the past 10 years. Indirect lending offers benefits such as serving new members the credit union might not otherwise have reached and the opportunity to deepen relationships with members who come through the channel.
Building a strong indirect program require dues diligence and the ability to cultivate relationships. That’s why this Callahan Collection showcases the strategies different credit unions employ to improve the efficiency of indirect lending, establish contact with local auto dealerships, and enhance dealer partnerships.
The discussion surrounding the future of payments is a divisive topic within the financial services industry. The proliferation of technologies and delivery channels has fundamentally changed the payments marketplace, with financial institutions experimenting in new channel designs and functionalities. This Callahan Collection presents credit card strategies, the value of payments technology to member relationships, and the lessons credit unions can take away from non-traditional payments providers.
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