Think about, in a typical week, how many times you use your credit card, versus how many times you think about your car loan. Being on top-of-wallet places your credit union on top-of-mind. The opportunity that credit unions miss out on when not being their member's choice for their payment is not just in lost revenue from all those transactions... it's in lost data! The best place for a credit union to gain insight into its members' spending patterns is having the insight from a card they use daily.
The insights gleaned from your CU's card program data can shape not only WHAT products and services you are offering to members, but HOW you are offering them. Knowing your members' spending habits will drive the conversations on other opportunities - car loans, HELOC's and more. It can also provide insight into what marketing tactics and channels your members respond to.
When building out a card program, be sure to design one that works for your members, not just for your credit union. Members want to move and manage money easily between accounts, other FI's, and betweem people. They want transparency into their accounts and any associated fees. They want to be rewarded for their activity. And they want customized marketing so they are not being bombarded with offers that don't relate to their current situational needs. Anticipate the future needs of your members by analyzing what they are spending in the present.
Members have evolved in how they spend their money, and what methods they use to spend their money. It's time your credit card joins the evolution!