NAFCU Services Blog

Apr 02, 2024

Knowledge breeds empathy: New research puts credit union lenders in the minds of today’s borrower

By Amy Robertson, Senior Manager, Lending Member Experience, TruStageTM 

With the benefit of data insights, credit unions are better equipped to make timely, member-centric and strategic decisions. As competition for borrower business intensifies, relevancy—of every experience from application to loan servicing—is crucial.  

It’s against this backdrop that TruStage is continuing its research into the consumer mindset, studying the perceptions and behaviors that drive financial choices. The company’s most recent report, the 2023 Lending Consumer Preferences Survey: Relevancy is top of mind for today’s borrower, outlines the findings and focuses on the borrower mindset. 

The consumer insights explored in the report include: 

  • Expectation vs. reality: The research uncovered disparities in how borrowers expect to engage with lenders as compared to how they actually do.  
  • Borrower worries: Two categories of consumer concern about loans emerged in the research: 1) worries about loan pricing and terms, and 2) worries about their ability to make payments.  
  • Multichannel expectations: Borrowers expect access to multiple methods of communication and research to get the information they need. 
  • Criticality of education: When offered lending protection in a relevant manner, borrowers are more likely to elect to add them to their loans.  

Understanding the hopes and fears of today’s borrowers helps credit union leaders tap into the empathy they need to empower members. With deeper intelligence on what motivates borrower action, credit unions are in a better position to help members achieve financial wellness with fewer worries and greater confidence. 

Through the unparalleled customer understanding that comes from research like the 2023 Lending Consumer Preferences Survey, we are helping more credit unions uncover the insights necessary to improve the borrower experience and deepen member relationships. 

For more borrower insights, download the Lending Consumer Preferences report here

All data in this report is sourced from the 2023 Consumer Lending Preferences Research, conducted by TruStage in partnership with Epsilon, 2023. TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters: 5910 Mineral Point Road, Madison WI 53701.  © TruStage LPS-6421277.1-0224-0326 

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