While many credit unions grapple with low liquidity and a high cost of borrowing, Iowa-based Veridian seems to be bucking the trend. In this episode, the credit union's CLO, Kara Van Wert, discusses how her team is winning with younger members, using fintech to drive growth, and embracing AI to improve underwriting and streamline borrowing ... and the results are there for all to see.
Key Takeaways:
- 01.25: An overview of why Veridian's average membership age is so much younger than their peer set.
- 02.49: Reflections on risk management, particularly relating to ongoing loan portfolios that were inflated in the wake of the pandemic.
- 05.25: Kara discusses how Veridian's mindset regarding fintech has evolved from viewing them purely as competitors to seeing them as critical partners.
- 07.17: The impact of AI on Veridian's lending and underwriting processes, in the past, present, and in the future.
- 11.10: How the credit union looks to mitigate bias in AI models and ensure inclusive lending.
- 14.25: How Veridian has grown loans by 12% year-on-year, from $6.5 billion to $7.2 billion.
- 18.00: Exploring Veridian's auto program and how much that has contributed to their strong loan growth.
- 19.57: The challenges of increasing cost of funds, and how credit unions can navigate them.
Resources Mentioned:
Veridian Credit Union: www.veridiancu.org
LendKey: www.LendKey.com
Zest AI: www.zest.ai
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