Market commentary: The Credit Union Connection with Mary Kay
Finastra’s Mary Kay Theriault discusses with Sarah Snell Cooke how technology will enhance, rather than replace, the heart of credit union services by delivering both speed and sincerity for their members.
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This piece explores how technology is transforming mortgage lending for credit unions. It emphasizes the importance of balancing digital convenience with the personal touch that defines credit union service. Theriault advocates for simplicity through “no code, low code” solutions, enabling credit unions to implement digital platforms without heavy IT resources. The discussion highlights how automation and AI can streamline processes like document verification and underwriting, reducing errors and saving hours of processing time. By meeting members “where they want to be met”, credit unions can compete effectively with larger lenders while maintaining loyalty. The article also discusses scalability benefits, allowing credit unions to handle fluctuating loan volumes without disruptive staffing changes. Ultimately, Theriault urges credit unions to adopt online mortgage applications as a critical competitive advantage in today’s market.
