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Observations on Delivery of Consumer Products and Services
Friday, January 27, 2017 6:40 AM

Bob Rehm, CUDE, VP Sales and Service, Credit Union Resources

A Dallas area mall needs to be reborn as something else. Two of its anchor stores have closed: Macy’s and Dillard’s.

While picking up some photos at Walmart that I had ordered online, I was queued up with people there to pick up all kinds of merchandise they had ordered online. And if you order groceries at Walmart, you don’t even have to come inside; they will bring them to you in the parking lot.

Then, of course, there's Amazon. Fast and easy right on your door step!

I recently wrote a blog about the customer effort score, which is consumer research that tries to determine how much effort is required to do business with an organization. The idea is to create loyal customers by reducing customer effort. Today’s borrowers’ expectations may be set by companies that focus on ease of access to services and customer satisfaction.

What about lending at credit unions? What’s the gap between the historic bricks-and-mortar delivery system and getting a loan online? The ease of getting a loan will factor in the mix of how and where people get loans. New entrants have entered the market with mobile apps and financial tools that simplify the loan process and provide the fast loan experience consumers want.

Our Impact Group will soon begin a look at the state of lending. At the upcoming Cornerstone annual meeting, the group will hear from subject matter experts on the trends in consumer lending and how adaptation of technology is changing the traditional methods.

Earlier the group had taken a look at branch transformation—the delivery of services via physical locations. We touched on these delivery systems. This round we will go deeper into the specifics of consumer lending.

Stay tuned!