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: