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Putting the CFI’s Low Cost of Funds to Work

May 12, 2021/in Banks, Credit Unions, Financial Services, Markets, Quilo, Sales/by Mike Sobba

Financial institutions across the country are enjoying a low cost of funds and many CFIs are looking for ways to deploy deposits profitably. As the Federal Reserve continues a pattern of low interest rates and with the high level of liquidity on the bank’s balance sheets – what can you do to increase net interest margin?

Community banks and credit unions have been sitting on the sidelines as financial technology firms have taken over the buy now pay over time business that proliferated during the COVID-19 pandemic. Consumer online purchases increased dramatically in 2020 since many retail businesses encouraged them or consumers stayed home.

Large retailers have adapted their payment processes for millennials and Gen Z’s who aren’t keen on using credit cards by allowing their customers to make fixed monthly payments over a 3-24 month period. Transparency, no hidden fees and the ability to make predictable monthly payments are reasons consumers like these new programs. Until now banks have had no way to compete for these profitable relationships.

Strunk is thrilled that we partnered with Quilo to bring to market the ability for banks to make these loans that their customers are currently getting elsewhere. Our turnkey, smart phone application is easy to use for online or in store purchases. Likewise, consumers can pay off high interest rate credit cards with the Quilo program.

If your financial institution has a low net interest margin, low cost of funds, and a desire to see what your customers are already using in the digital lending space give us a call to let us show you how our program works. The low touch, high yield lending platform is innovative and easy to manage.

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https://strunkaccess.com/wp-content/uploads/2021/05/sidelines.jpg 1104 1656 Mike Sobba https://strunkaccess.com/wp-content/uploads/2022/03/Strunk-Original-300x100.png Mike Sobba2021-05-12 10:00:542021-05-31 23:49:40Putting the CFI’s Low Cost of Funds to Work

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