While we continue to discuss the importance of technologies such as mobile banking and mobile wallets, don't be fooled by the hype in believing that mobile is an end unto itself.  As a technology facilitator, mobile's mission is to connect your members to their accounts, which is just the beginning.  Real growth opportunities lie within your financial product set and your aim should be to deliver those products into the hands of your members as simply and quickly as possible. This is where your debit and credit card management strategies can pay off.

Opportunities for increasing revenues in 2015 still remain within traditional products such as lending and checking accounts. A recent study by the Mercator Advisory Group and highlighted by the Credit Union Times shows the relative potential that debit card rewards programs hold. 

If you have ever participated in a rewards program, whether it be within financial services, a restaurant, or at a retailer, you know its purpose is to instill brand loyalty and to keep you coming back.  Interestingly, these programs tend to work, even for debit cards, and especially for young adults, the Mercator study noted.  Additionally, the survey group responded that "...debit card rewards would change their behavior."

Many debit card processors provide rewards programs either through their own systems or through third party rewards programs.  Core systems can enhance debit card rewards programs by including the rewards points balance on member statements and eStatements.  This will allow your members to stay up to date with the rewards you offer and remind them of the benefits of using their credit union debit card.  

The focus of a debit card rewards program is to encourage your members to view your credit union as their primary financial institution.  Such a program can build differentiation to an otherwise ordinary service offering.  As your members use their debit cards more frequently, the result will be an increase in overall credit union revenue, largely because the mechanisms for success are already in place and most likely have been for a long time.