Podcast ¦ RO-AR.com: Tech Innovations Transforming Credit Union Services

Access the full podcast series hereSummary In this podcast, Andrew Duncan, CEO of SOAR, discusses the trends in the credit union and CDFI space. He highlights how the purpose of borrowing has shifted from borrowers seeking loans for home renovations and car maintenance to basic necessities. Duncan also mentions that credit unions are seeing an increase in loan applications, but the loans tend to be smaller in value. He believes people are turning to credit unions because traditional lenders are not serving them due to affordability checks. However, Duncan notes that the credit union movement lacks awareness among the general public and needs to market itself better. He also emphasizes the role technology plays in reducing costs and enabling digital services for credit union members. Key Points Credit union borrowers are now seeking loans for basic necessities rather than discretionary expenses such as home renovations. Credit unions are experiencing an increase in loan appl...

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