The Decision Maker

Ann Farrell

Recent Posts

Are Credit Unions Missing Out On a Growth Opportunity?

Posted by Ann Farrell on Aug 6, 2019 11:52:00 AM

Credit unions see an average of 7% year-over-year growth in their credit card portfolio revenue. That’s not bad, but it’s also not great. The issue isn’t necessarily that credit unions don’t have strategies in place to increase their card portfolio. They do. There are marketing initiatives, competitive rates, rewards features, and so much more. Nevertheless, more can be done. And, if you want your credit union to capture top-of-wallet revenue, more has to be done. The following five strategies are tried and true, and have helped over a hundred credit unions grow their credit card portfolios by an average of 19% per year. Fair warning: these are easier said than done.

Credit Line Increases

On average, about 60% of a credit union’s cardholder accounts qualify for a credit increase. If you haven’t run a credit line increase in a few years, that percentage is even higher. That presents a lot of opportunity!

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Topics: Business Intelligence, Credit Unions, Membership, Lending

Data: The Key to a Successful Card Portfolio

Posted by Ann Farrell on Jun 25, 2019 1:17:41 PM

Understanding your members’ behavior gives you the opportunity to serve them effectively, and in turn, increases your bottom line. Unfortunately, it is not uncommon for credit unions to overlook existing cardholders as a significant opportunity to help stimulate portfolio growth and increase profitability. With the use of data, you can identify trends that will help you to ensure that you are offering the right incentives, rewards, and services that will not only retain your existing cardholders, but also attract new prospects.

What can data do for you?

Data can open the door to product and service opportunities that your credit union did not offer in the past. Also, by utilizing data from your card portfolios, as well as home and auto loan applications, you will have a vivid picture of each member that will help you to create unique member experiences. In the end, you can feel confident that you are offering a competitive card product and doing what is required to stay “top of wallet.” With rich data you can:  

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Topics: Marketing, Membership, Data-Driven, Lending