It’s no secret, todays lending market is in a turbulent state, making creating a successful card program no easy task. Doing so is now a 24/7 process, and because of this, Credit Unions need to take an active approach to implementing one. One way to start doing this quickly is to offer your cardholders 24/7 service.
Other ways include taking a look at your current card processor vendor by conducting a thorough review – are they doing the most they can for you? While doing this review, take stock of the resources you currently have, and what other ones would be needed to improve card performance.
A large concern of many consumers lately is the increasing danger of identity fraud. Implementing risk strategies to help limit fraud as well as delinquencies is another important step to take. Another way to entice potential members, and please current ones, its to increase your product offerings and their prices. Giving new variable APR options is one way, as well as offering new rewards and promotional pricing.
An easy target market to forget about is Gen Y because of how little of your current target they make up, but ignoring them could be a poor long term choice. Their is a huge growth possibility in this segment, especially because during this recent financial crisis they have learned more abut handling money then you might expect, and will take the time to assess all options before choosing a financial institution.
The last way to create a successful card program may seem obvious, but never let yourself forget it: make sure while adjusting costs to operate the card program that you do not cease to maintain profitability!