Episode description

On this episode, host Vince Passione is joined by Dave Ledwell, SVP, Consumer and Business Lending at Navy Federal Credit Union–the world’s largest credit union. The discussion covers all things auto-lending, the opportunities and risks facing fintech, and how credit unions can thrive in both areas by focusing on outstanding member service.

Key takeaways:

2:24 - How member service–proactive, clear communication, and efficient support–can be the bedrock of credit union growth and member loyalty.

4:33 - Excellent member service leads to trust which, at scale, can provide a credit union with a competitive advantage against traditional direct lenders, particularly in the auto-lending space.

7:28 - The strategic decision behind growing auto-lending during the Covid pandemic.

10:36 - How credit unions can protect members’ financial wellness when faced with negative equity loans.

14:01 - Strategies for navigating the turbulent electric vehicle (EV) market and what it means for auto-lending in the credit union space.

18:19 - The short- and long-term implications of embedded finance on the credit union system, and financial institutions can remain relevant in a transactional ecosystem.

21:43 - Members don’t care about the size of a credit union; they care about the service and value they receive.

Resources Mentioned:

https://www.navyfederal.org/ Navy Federal Credit Union

https://us.dealertrack.com/ Dealertrack

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