RANCHO CUCAMONGA, Calif. – More than half of all credit cardholders use their card every day. This is just one of the many reasons it’s critical for credit union issuers to ensure members choose their credit card over the others in their physical and digital wallets. To help credit unions optimize their credit card programs within their overall payments portfolios, CO-OP Financial Services has issued a new white paper, “How to Succeed in the Credit Card Business: A Blueprint for Credit Unions.”
Credit union cards teams are encouraged to download the paper here.
“The paper outlines the revenue and growth potential credit cards represent for today’s credit unions,” said Deb Wieczorek, Vice President, Strategic Advisory and Portfolio Growth, for CO-OP. “And as it says on the opening page, ‘by all measures, credit cards present a promising growth opportunity for credit unions, and when managed strategically can become a highly profitable product line.’”
Taking into consideration several credit union trends, the paper provides valuable insights about a range of touchpoints across the cardmember journey. These include strategies for boosting a credit card program’s penetration, activation and usage (PAU) by engaging the member through targeted solutions like rewards, mobile and custom marketing campaigns.
Following is a brief look at a few of the best practices, which are explored in greater depth in the free guide:
Activate More Cardholders and Drive Engagement
Drive Loyalty through Rewards
Provide Highly Personalized and Mobile Experiences
CO-OP will be exploring the findings of this white paper and pursue many other topics and issues related to credit programs in a free “How to Optimize Your Credit Portfolio” webinar scheduled for Tuesday, August 20, at 11 a.m. Pacific time. Participants will learn valuable insights from industry experts from CO-OP, including members of its SmartGrowth team, who offer specialized consulting engagements leveraging data analytics, marketing campaigns and ongoing optimization strategies to help credit unions reach their portfolio growth goals. To register, visit the webinar home page here.
And, for more information on CO-OP’s credit card programs for credit unions, visit https://www.co-opfs.org/Solutions/Pay/Credit.