John King, president and CEO of Vermont Public Television, the statewidepublic television network, has been appointed to two boards. He waselected treasurer and executive committee member of NETA, the NationalEducational Telecommunications Association. NETA is a professionalassociation based in Columbia, S.C., that serves public televisionstations and educational entities. Its mission is to provide qualityprogramming, educational resources, professional development, managementsupport and national representation for its members.King has also been appointed to the Assembly of Overseers ofDartmouth-Hitchcock Medical Center in Hanover, N.H. The overseers act asadvisers to the board of trustees on hospital affairs and customer andcommunity relations.He holds a master’s degree in public administration from HarvardUniversity, a bachelor’s degree from Johnson State College and anassociate’s degree from Champlain College. He and his family live inColchester.
Small business loans from credit unions earned the second highest satisfaction rate from borrowers who received funding, according to the 2015 Small Business Credit Survey by the Federal Reserve Bank of New York. These loans may soon become even more attractive, thanks to a key change: personal guarantees (PGs) will no longer be required on all credit union small business loans.This change was adopted when the Member Business Lending (MBL) regulation was revised recently by the National Credit Union Administration Board; it goes into effect mid-May 2016.Personal guarantees require borrowers to agree to be personally liable for debts the business fails to repay. However, they can slow down the lending process, says Ryan Donovan, chief advocacy officer at the Credit Union National Association. “It’s a requirement that other lenders don’t have.” continue reading » 65SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
Indirect auto-lending currently is out pacing direct-to-member lending amongst US-based credit unions.Banks hold almost double the market share for indirect loans over credit unions and auto loans in the U.S.Learning the pros and cons of indirect vs direct loans can help your financial institution operate more effectively. It can also significantly increase revenue.In this article, we will review the difference between direct vs indirect loans. Continue reading to learn what the best options are for your credit union.Indirect vs Direct and What You Need to KnowDirect loans are loans that are originated directly from your credit union to your member or future member, the consumer. Indirect loans come through a car dealership or other venue that has your credit union as one of their network lender options.Credit unions can benefit from relationships with third parties for indirect loans. While the extra income and asset growth are beneficial, it does require close monitoring due to tight margins.Direct lending may have a bigger profit margin, but indirect lending gives you the ability to do more volume.With increased fees from dealerships, profitability is often challenged because of reduced margins. There is a need for more monitoring because of quick rates of pay-offs, charge-offs, and inconsistencies in documentation.If an indirect program is managed well, credit unions will be able to make money on interest collected. Any other fees and money earned goes to the dealership.The Balancing ActSince indirect lending is not as lucrative as direct lending, it is necessary to find the right balance for your credit union.While getting loans indirectly might be an effective way to bring volume into your credit union, it isn’t the most profitable way if you had to choose between one or the other. Focusing on generating more direct auto loans from current and new members is the best use of resources. Depending on indirect auto loans for your income alone can be a rocky business.Using a full-on attack method to target buyers in the market for a car, who are looking for low rates, isn’t the most effective way to market. If you advertise a low rate, you will get a lot of applications. While a lot of applications might seem like a good thing, it isn’t so great if most people that apply won’t get approved. Soft credit checks can help with this potential obstacle.Use a Targeted ApproachTo increase loan growth and profitability on each loan, make an effort to reach people in your target market. Marketing to people that are likely to want your product and likely to get approved will give you better results. Fewer applications will take fewer working hours, but the higher approval rate will bring in more business.Credit bureau information can be used to craft an effective customized marketing plan. When you target a profitable audience segment, you can create a specific and easy to understand message that will get their attention.Not only are you offering your potential new members a direct loan, but you also get a direct line of communication with qualified prospects. Having access to vetted prospects will allow your credit union to make the best of their time and resources.Inability to communicate with members as a result of being an indirect lender creates a loss of opportunity. When there is a direct line of communication, the credit union can cross-sell or up-sell to the member. Single-service relationships usually end when the loan is paid.Focus on ProfitabilityWhile high sales volume looks good when business comes in, you need to make big enough profits. If you aren’t making big enough profits, you are likely allocating your resources in the wrong areas.Use data to drive your decisions, so you know you are moving your business in the right direction.When you are working with your members directly, you increase your ability to re-target and market to them. Understanding your members and customizing how you communicate with them is one of the ways you can increase profitability.Find out important information like:What is the average relationship length with one of your members?How many accounts do your members hold with your establishment?How do members use their accounts?What is the life cycle of your member loans?Finding out small details like the information above will allow you to notice trends in data. Noticing trends in data will allow you to naturally help members with their decisions.Your data might show that a certain member type often pairs one account type with another. If that type of person only has one account currently, you could promote the other account, so they know about its availability. Promotions that are this targeted often have a high conversion rate.Developing a PersonaIn the previous section, we talked about gathering information to market to a certain “type” of person. These types of people are called “personas” in marketing.Analyze information and develop a persona so you can create products, services, and sales and marketing campaigns that serve the members. Your company will benefit from higher conversions. Developing a persona will also help you provide a better member experience for more word of mouth business.Gather more information on the persona that you market to and you can continue to perfect your message, so you are speaking directly to their needs.Make Doing Business EasyAs your credit union continues to build and grow, you may notice new and exciting challenges. The financial world is highly data-driven and requires cutting-edge technology to stay on top. Having technology that supports you in your mission to provide value to your members and profits to your business is vital.Whether you choose to do indirect vs direct loans or you want to do a mix of both, you need a loan origination system that will make work easier.Having a dependable and easy to use Loan Origination System shouldn’t be a luxury. Request a demo of our high performing LOS Platform today. See how we can support your credit union by helping you through today’s challenging lending environment. 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Steve Maloney Steve Maloney is president/CEO of Sync1 Systems, has more than 20 years of experience in the Information Technology field in addressing issues specific to the financial services industry. Prior … Web: https://www.sync1systems.com/solutions Details
The April 15 letter, “Efforts to impeach Trump based on lies,” stated that we don’t recognize all of Donald Trump’s accomplishments. This is my assessment: I don’t like his tone of voice, his vocabulary or the words he uses, and he’s immoral and prejudiced.I hate to say this, but I’m ashamed of him. My moral values are different than his.CONCETTA CANNIZZARONiskayunaMore from The Daily Gazette:EDITORIAL: Beware of voter intimidationFoss: Should main downtown branch of the Schenectady County Public Library reopen?Niskayuna girls’ cross country wins over BethlehemEDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Urgent: Today is the last day to complete the census Categories: Letters to the Editor, Opinion
It’s like getting together with your buddies to watch a football game. You all get in a room, chat about what you’re watching and crack jokes with each other. It’s the same concept for streamers, but instead of 10 friends in a living room, it’s 10,000 “friends” on a streaming platform. The bottom line is that the esports community should not be afraid to show its pride for video games. Streamers have laid the framework to help integrate the community into the mainstream. Streamers have developed a community with their audiences. Thousands of viewers with similar interests are simultaneously watching and chatting with each other. These massive fan bases have chat rooms dedicated solely to discussing video games and streamers. At any given moment, I can log on to Twitch or YouTube Gaming and find someone playing the games I love. There will be hundreds or thousands of other people watching the same game at the same time. It’s reassuring to know that other people share your interests and that at any point of the day you can “hang out” — albeit virtually — with those people. It’s nice to know that you aren’t a weird outcast whose passion is always stigmatized. Video games are often seen as a niche community. I’ve experienced this firsthand. People are afraid to express their interest in gaming, fearing judgment because of the stigma games can carry. But why would anyone want to watch random people play video games, especially if they’re not very good to begin with? The answer is the sense of community it provides. So far, this column has mainly focused on professional esports and how pursuing esports as a career should not be stigmatized — but pro players are just one part of the sport. With just about every aspect of media moving toward the digital space, it’s incredibly important to understand the influence that individual “normal people” can have on an entire community. Some of the most famous streamers have built their followings on streaming platforms because of their professional careers, but the vast majority of streamers are just normal people — many of whom aren’t even that good at the game they play. Streamers alleviate the fear of this prejudice by providing a safe space for people who love video games. Most streamers are normal people. They are relatable to viewers who are searching for a place to fit in. The reality is that esports, as a part of society, are becoming more similar to traditional sports. Some of the most passionate football fans have never played a day of organized football, but that doesn’t stop them from watching every Sunday, playing fantasy football and discussing the game with their friends. The other prominent aspect of gaming is the streamers: people who commentate while they play video games live for thousands to watch. These people dedicate much of their lives to streaming themselves playing video games for several hours a day. The top streamers receive endorsements and donations as well as money from viewers who pay for premium content. My first column at the Daily Trojan was about esports. I still remember the look on our former editor-in-chief’s face when I, the sports editor she just hired, told her that video games count as sports. For a while after that, I suppressed my passion for video games, watching streamers in privacy in the Daily Trojan sports office. (For the record, she later let me cover a big esports event.) Sam Arslanian is a junior writing about esports. He is also a former sports editor of the Daily Trojan. His column, “Plug & Play,” runs every other Wednesday.