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DRIVE in the News

DRIVE '19 video

Jim NusslePresident/CEO, CUNA

Jim Nussle - Keynote spkeater at DRIVE '19.

 
predictions for whats coming

Predictions for What’s Coming in Auto LendingCU Today

GRAPEVINE, Texas–Perhaps no area of lending is being watched more carefully than auto lending when it comes to potential disruptions to the entire business model, and credit unions here were offered a forecast for what might lie ahead–and when–by CU Direct.

During the company’s Drive 18 Conference, CEO Tony Boutelle updated credit unions on what it is forecasting and how credit unions should prepare to respond on some issues of strong interest to credit unions.

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best practices

Best Practice Award Winners, Board Members NamedCU Today

GRAPEVINE, Texas⎯ CU Direct has announced the winners of their 2018 Best Practice Awards, as well as the results of its board elections. Both results were revealed during the company’s DRIVE '18 Lending Conference here.

The Best Practice Awards, which recognize credit unions’ exemplary lending practices and success in 2017, were presented to four credit unions during the conference’s awards dinner.

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a recession is coming

A Recession is Coming; Here’s What Not to DoCU Today

GRAVEVINE, Texas–Credit unions should enjoy the next 15-18 months but also be preparing for a recession in 2020, according to one economist.

Dr. Elliott Eisenberg forecast the economic slowdown will come about as the result of a number of factors, and stressed that while the word “recession” conjures up the economic calamity of a decade ago, he foresees a recession that will be milder and will last for perhaps six to eight months.

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with volume up

With Volume Up, Mortgage Solution is NextCU Today

GRAPEVINE, Texas–Lending by credit unions on CU Direct’s loan platforms is up 20% to date in 2018, and the company is preparing to roll out several other initiatives, including a mortgage platform.

In remarks to the company’s Drive 18 meeting here, CEO Tony Boutelle offered an update on the company’s performance and what lies ahead, including a new stock offering for credit unions that have signed on with CU Direct since 2014, “as we want to make sure this is an inclusive CUSO.”

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its all about love and hate

‘It’s All About Love and Hate’CU Today

GRAPEVINE, Texas–Forget your products and services–they don’t matter to members any longer–it’s all about “love and hate.”

“It turns out the best innovations are the way in which we deliver experiences to customers,” said Nicholas Webb in remarks to CU Direct’s DRIVE '18 meeting here. “It used to be about bright shiny objects.”

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forget the bull

Forget The 'Bull' And Focus HereCU Today

GRAPEVINE, Texas–Been told over and over again that fintechs are coming to get you and your credit union? That’s false, according to one “meta-analyst” who looked to counter a lot of what he called the “bull” in the “hyper-bull-e” credit unions hear on a regular basis.

Lee Wetherington, director of Strategic Insight with Jack Henry & Associates, walked attendees at CU Direct’s DRIVE '18 Conference here through five emerging technologies and focused on where he believes credit unions should—and should not—be focused.

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cu dealer relationship

The Credit Union/Auto Dealer PartnershipCU Today

GRAPEVINE, Texas–A journalist who has spent his career covering the automobile industry has offered his thoughts on what’s ahead for that market and for credit union/dealer relationships, as well.

Jim Treece, retail news editor with Automotive News, told attendees at CU Direct’s DRIVE '18 conference here that while there was discussion during the meeting that concept of car ownership will eventually disappear in favor of subscription services, he doesn’t believe the manufacturer model will ultimately prevail.

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Tony Boutelle

A glimpse into the future of automobiles
Autonomous, electric, and shared vehicles will become more common.CUNA News

The future of automobiles lies in the ACES.

Not the ACES you seek in a card game, rather in autonomous, connected, electric, and shared vehicles, Tony Boutelle said during the general session at the CU Direct DRIVE '18 Conference Thursday in Grapevine, Texas.

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innovation customer x

Innovation includes the customer experience
Know what people love and what they hate to build the ideal customer journey.CUNA News

When thinking about innovation, don’t just think of technology. Consider the customer experience.

“It’s about the connection,” Nicholas Webb said during a keynote address at CU Direct’s DRIVE '18 Conference Thursday in Grapevine, Texas. “It’s the way we understand our customers.”

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Lee_Wetherington_250x250

5 tech trends to watch
See how machine learning, digital personas, and more will affect financial services in the future.CUNA News

Five emerging technologies will shape the future of financial services, Lee Wetherington, director of strategic insight at Jack Henry & Associates, told attendees at CU Direct’s DRIVE '18 Conference last week in Grapevine, Texas.

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CreditUnions.com

How To Ace A Disruptive Future
Rapid change and response were driving themes at the DRIVE '18 conferenceCreditUnions.com

Credit unions better have some ACES in hand for dealing with the future of auto lending, a future that’s just around the bend.

ACES stands for automated, connected, electric, and shared, CU Direct president and CEO Tony Boutelle informed the attendees of the company’s annual DRIVE '18 conference. The acronym provides the four major characteristics of a new vehicle marketplace emerging after years of massive investment.

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CreditUnions.com

Hacking The Rock Star Attitude For Credit Union Land
CU Direct’s DRIVE '18 conference digs into loan participations and stage performances.CreditUnions.com

Speakers and attendees gathered this week at the Gaylord Texan Hotel outside Dallas for CU Direct’s annual lending conference, DRIVE '18.

During a loan participation session, panelists discussed research findings and opportunities as well as a new tool in the participation space.

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cus dot com

Disruption And Table Jumping At DRIVE '18
Speakers at the annual CU Direct conference talk about today’s business environment and tomorrow’s recession.CreditUnions.com

The second day of CU Direct’s DRIVE '18 included sessions that shed light on the secrets to sustainable growth and underscored the importance of preparing for what’s to come.

In the day’s first keynote address, corporate strategist and best-selling author Nicholas Webb — whose books include The Innovation Playbook, The Digital Innovation Playbook, and What Customers Crave, among others— talked about the link between disruption and innovation.

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cu loan participation breakout session

Credit union loan participation marketplace in the worksCredit Union Journal

GRAPEVINE, Texas–Loan participations have enjoyed a lengthy period of increasing popularity, and the numbers could be massive in just another few years.

George Hofheimer, chief knowledge officer for Madison, Wis.-based Filene Research Institute, speaking as part of a panel during the CU Direct DRIVE conference being held near Dallas this week, noted from 2003 through 2017 loan participations have seen “steady growth.” In recent years, there have been $2 billion more loans participated each year. If this trend continues, he said, by 2020 there will be $19 billion in loan participations sold.

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cuna-news-photo-gallery

Photo gallery: Scenes from CU Direct’s DRIVE 18 Conference
Credit union professionals gather to learn about the latest in lending.CUNA News

More than 500 attendees gathered at CU Direct’s Drive 18 Conference at the Gaylord Texan Resort in Grapevine, Texas.

The following is a collection of some of the events and speakers at the conference, which aims to maximize lending performance and improve member experiences for credit union lenders.

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Tony Boutelle

How CU auto lenders are positioning themselves in an evolving marketCredit Union Journal

After making a name for itself in indirect auto lending and then moving a few years ago into loans for medical procedures and devices, CU Direct is set to expand again next year, launching a mortgage product and home equity product for credit unions.

That’s not to say, however, that the company is moving away from auto lending. Far from it, in fact.

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Melinda Zabritski

Why credit union auto lenders need to be wary of longer termsCredit Union Journal

Auto financing continues to be a strong growth area for credit unions, but one analyst warned there are a few areas that should cause concern for CU lenders.

Melinda Zabritski, senior director for financial solutions for Experian, has been a fixture at CU Direct’s DRIVE conference over the years, frequently sharing the credit bureau’s statistics and insights. Speaking during the 2018 conference near Dallas, she noted that car loan terms have been creeping longer and longer in an effort to keep monthly payments at an affordable level, and hinted they might be getting too long in the tooth.

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Lee Wetherington

The five emerging technologies that matter for credit unionsCredit Union Journal

There are five emerging technologies that matter to the financial services world in 2018, according to Lee Wetherington: machine learning, platforms, digital personas, sensor fusion and emotion artificial intelligence. Wetherington, who serves as director of strategic insight for Jack Henry and Associates, and is a frequent speaker on the credit union conference circuit, shared his insights during CU Direct’s recent DRIVE conference in Texas.

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Bryn Conway

Why credit union lending must be about more than just millennialsCredit Union Journal

Millennials may be the demographic with the greatest potential for borrowing, but one marketing expert is warning credit unions they may be missing out by focusing too much on younger generations.

According to Bryn Conway, principal for BC Consulting LLC, in Washington, D.C., credit unions must keep their messaging on target by understanding generational differences.

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DRIVE '19 dealership panel

How a changing auto lending landscape is altering CU-dealer relationsCredit Union Journal

As the way people shop for cars evolves, how is the relationship between auto dealers and credit unions changing? At CU Direct’s recent DRIVE conference near Dallas, a panel of four car dealers shared their views on the latest trends, and how CUs can improve communication with dealers.

The panel first was asked, what is new in digital retailing? What should CUs be doing right now?

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