2018 Applicant: Joseph Hasse

Joseph Hasse is a 28-year-old Central Underwriting Manager at Members Cooperative Credit Union ($717.6M) in Cloquet, Minnesota, United States.

Project Title
Utilizing POP to Revolutionize the Industry

Short Pitch
Investing in POP Financing will generate increased consumer volume as well as strengthen your business department.

Point of Purchase (POP) financing, sometimes referred to as Point of Sale financing, is an alternative lending solution where consumers will have access to financing through businesses in which purchases are made or services are performed.

POP is a concept that is well established in the banking industry with five banks controlling 95% of the market. With it being so well established, there are not a lot of variances from bank to bank. Consumers and businesses have complaints with the current solution. The most common complaints include slow decisions, confusing financing terms and deferred interest. In some instances deferred interest is even seen as predatory, so why get into this marketspace?

Taking into account all of the current issues with POP today, as credit unions, we have an opportunity to revolutionize the marketspace. My plan is to solve these issues through process automation and end user simplicity. By embracing these enhancements, your credit union will notice increased consumer loan revenue, improved business member retention and even increased foot traffic with new businesses looking to become members. 

In summary, I want to help credit unions revolutionize the POP Marketspace utilizing the mentality that credit unions were founded on. This will not only help consumers find affordable financing, your credit union will realize increased profits and businesses in your community will gain a competitive advantage and a life long partner.

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