Vision and Action- Inside the Consumer Lending Summit
As financial institutions approach the turn of yet another decade, the lasting effects of the recession have continued to have an impact on our economy. Regulators have imposed substantial new obligations. Technology continues to drive consumer demand, as well as the expectations of our products and services. And in the midst of it all, financial institution leaders, lenders and marketers are left to map out strategies for success. Much to their relief, Thursday’s Consumer Lending Summit provided valuable insight on which they can build.
This year’s Summit was held in Springfield, Massachusetts at the all new MGM casino for the first time in the event’s history. Complete with more than a half dozen compelling keynotes, delicious meals provided by the MGM and special giveaways, the Consumer Lending Summit was once again a success.
After a brief introduction by SIR President Maureen Devine, Michael Carter took the floor. Carter is the Executive VP at Strategic Resources Management, a banking consulting firm, gave an inspirational dialogue on the digital trends impacting the payments landscape. “There is technology out there today that can make community banks competitive,” said Carter.
Carter’s keynote was followed by a short intermission, after which, our feature panel took the stage to discuss the outlook for consumer lending. The panel was comprised of Denise Walker, senior vice president of Country Bank; Jeff Smith, senior vice president of Freedom Credit Union; Norbert Deslauriers, VP and retail lending manager at Guilford Savings Bank; and Lynn Liquornik, VP at Mass Mutual FCU. The panel was moderated by Jonathan Plummer, senior vice president of Bangor Savings Bank. Among the topics covered in the conversation were the industry trends in credit card usage, HELOCs and student lending.
After the conclusion of the panel, Michael Goman from Accubranch presented us with a valuable info session on how lenders can position their physical facilities to best drive business. He explained how market analysis and real estate activities can help you make valuable decisions.
Goman’s session was followed by a delicious buffet luncheon provided by the MGM.
The afternoon began with a discussion led by Brent McKown, a Lending Analytics and Product Manager at CSI. He provided insights on customer acquisition and digital banking, as well as cybersecurity and compliance. When discussing customer acquisition, McKown noted, “40% of bankers identified loans as the single most important channel for attracting customers in 2019.”
McKown’s presentation was followed by a panel consisting of President Maureen Devine and EVP Jackie Drziak of Strategic Information Resources. The two conducted an open dialogue on credit industry trends that will impact consumer lending decisions and initiatives in 2019 and beyond. They agreed that while recent innovations in credit reporting have held pace with meeting lender needs in every stage of the lending life cycle, they anticipate more regulatory changes ahead in the reporting of data.
Before the curtain was closed on 2019’s summit, attendees were treated with a live demo hosted by Danielle Walker of SharperLending, outlining ‘Verisite’- a new lending tool designed to help financial institutions close equity loans faster. “With the help of mobile technology, the Verisite app allows lenders to get an accurate, comprehensive inspection of the property in seconds,” says Danielle.
And with that, 2019’s Consumer Lending Summit was complete, but not before the drawing of SIR’s raffle prize- a brand new Amazon Echo Plus, which was presented to Sandra Pearson of Country Living Loans.
SIR is proud to have been once again the primary sponsor of the Summit. When experienced minds and innovative ideas come together, the result is something truly special. We look forward to seeing you in 2020.