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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