When Bill Vogeney learned he had won the CUNA Loan Council 2019 Phil Greer Lifetime Achievement Award, a colleague told him it was the first time he had seen Vogeney speechless.
Vogeney, chief revenue officer for $ 6 billion in assets Ent Credit Union in Colorado Springs, Colorado, began his career with a national consumer credit company before becoming vice president of loans at the former Navy Orlando Credit Union (now Fairwinds Credit Union) at the age of 27.
“I had just been refused a job for which I was overqualified and decided to apply for a job for which I was underqualified in order to gain some experience in maintenance,” he says. . “I was in the right place at the right time and got the job. “
What he thought was a four- to five-year effort turned into a 31-year career with a credit union.
Vogeney, who has been with Ent for 18 years, shares how the credit landscape has changed over the years, how it will evolve in the future, and tips for the next generation of lenders.
How have you seen the evolution of loans over the years?
Bill Vogeney: Lending was easier and slower 31 years ago. There were no indirect loans and no FICO scores. We had a personalized scorecard that we paid a company to develop.
If we took out a consumer loan in a few days, that was pretty good. Now we finance loans in one to three hours. We can take out loans faster than members need.
But members’ expectations will continue to change and evolve. The rate at which we have to go to keep the members happy is amazing.
What changes are on the horizon?
Vogeney: An important part of my job is to imagine what the next generation of loans will look like. One change is that relying solely on a FICO score to make credit decisions will not be enough.
We rely more on transactional data, such as checking account information. Earlier this year, we sent out a pre-approved loan offer to 12,000 members based solely on our internal data regarding members’ use of direct deposit and how they manage their checking accounts.
The response rate was incredible – almost 10% – and we didn’t use any direct mail. Everything was electronic, backed up by emails, e-statements and banner ads when members logged into home banking and mobile banking.
We have had a tremendous response rate from B and C credit borrowers who may not qualify for a prequalified loan through a prequalification from a credit bureau. The fact that we gave them an unconditional pre-approved loan only cement their loyalty.
Ultimately, the credit score can accurately predict about 55% of loan performance. We need more information to reinforce this. Hopefully this means we can approve more loans faster.
What are your favorite memories of your career?
Vogeney: I don’t feel like I’m old enough to receive an award for all of my accomplishments, but my hip, back, and knee might claim otherwise.
I am not proud of what I have accomplished or what the credit union has accomplished, but of the people I have been able to influence. Our credit union is fortunate to have seven people who could be superstar loan leaders in the major credit unions.
When you have a team like this, it’s easy to come in to work every day and enjoy what you’re doing.
What advice would you give to young lenders?
Vogeney: As a young manager, I took too much myself and didn’t spend enough time identifying where there was talent and who I could count on.
I ended up doing it, but my life would have been easier and our results would have been better if I had realized it sooner. These are your people. If you can’t do it through your staff, you’re just an ineffective manager.
Be flexible and learn as much as you can. Try to take advantage of your position as a millennial to help us.
People who have been in the industry for a long time may be slower to see the changes in the world around us and how it influences consumer behavior and demands.
Also, be available and ready to try new things. 31 years ago, I applied for a vice president of loans position and I didn’t think I had a shadow of a chance. But I got it.
As the great hockey player Wayne Gretzky said, “You never make a shot that you don’t take. So take a shot or two.
► Discover our coverage of the 2019 CUNA Loans Board Conference