first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Shazia ManusThese days, credit unions face a number of competitors in payments and lending – from both in and outside the financial industry. There are a number of contenders to which community financial institutions (FIs) should pay particular attention in 2015:Lending Club — Lending Club uses the Internet to match investors with individual borrowers, most of whom are looking to refinance their credit card debt or other personal loans. Lending Club has facilitated more than $6 billion in loans and is the largest company performing this sort of service. Remaining competitive as a lender is more critical than ever for community FIs. Consider innovative ways to encourage consumers to seek loans in-house, and use your data to determine whether or not you can confidently assume a higher level of risk with greater credit lines. Community FIs are traditionally very conservative underwriters; are there opportunities to serve more consumers with less stringent policies? continue reading »last_img