The dust is still settling from Bank Transfer Day, having given many credit unions across the country an opportunity to introduce themselves to a brand new set of members. But as every credit union marketing person knows, getting a member to join is only half the battle. Building a rich, multi-faceted, long-term relationship is more difficult and takes time.
We recently recorded a podcast with Stephanie Polen, Vice President of Client Portfolio Management for Vantiv (our Preferred Partner for Debit, Credit and ATM Processing) on how card products help extend and deepen deposit relationships. Stephanie has spent the last several years working as part of Vantiv’s ‘Portfolio Optimization Team,’ helping credit unions across the country grow their debit and credit portfolios through acquisition, activation, retention, and rewards, with a focus on increasing portfolio profitability and generating additional revenue. That’s kind of a mouthful, but what I’m trying to say is she definitely knows her stuff when it comes to successful card programs! Read more
Guest post by Kevin O’Donnell, Vice President of Credit Issuance, Discover Network
As 2011 draws to a close, it has been another challenging year for credit unions and their members. Credit unions are focused on two goals: (1) continually seeking new ways to serve their members’ changing financial needs; and (2) growing membership specifically with Generation X and Y.
One product that is often overlooked during this exercise is the credit card program. A May 2010 Javelin Strategy & Research study asked credit union members which product they valued most. Ninety-four percent said credit cards.
For credit unions, the opportunity to revitalize their credit products begins at the acquisition stage, but continues through activation, card usage and loyalty. When revitalizing a credit portfolio, it is important to understand what members look for in a credit card product. Research has identified four key elements that members value most: Read more
NAFCU recently held its annual Strategic Growth Conference in sunny Ft. Lauderdale, Florida. I was here in 50 degree DC for that one…nonetheless, I got the scoop from our team on which sessions kept people out of the sun and in their seats. “Integrating Credit Cards into Your Overall Payments Strategy,” was top of the list. The session was presented by the very knowledgeable Stephanie Polen of FTPS. Let me tell you, I’ve seen Stephanie on the big stage before, and she has a brilliant marketing mind (something I admire as a fellow marketer). At the Growth Conference she outlined how credit union marketers can put some simple concepts into action to revamp credit card programs post CARD Act.
I wanted to share some of the action items that you can take to your credit union and impress your peers with your marketing know-how, innovation and ultimately improved success and profitability of your card programs. (You can thank us later). Read more