NEW YORK–Nine credit unions have joined with ad-tech solutions provider Prizeout Corp. and Callahan & Associates to form a new CUSO designed to provide the CUs with access to proprietary ad technology that “will put more money in their members’ pockets,” in addition to providing participating CUs a program to support local merchants.
The CUSO was created and will be managed by Callahan and Associates, the organizations said.
The CUSO, called Prizeout Partners, represents the company’s “official move into the credit union spaceand aims to disrupt traditional banking models by giving credit union members additional purchasing power and allowing the institutions to increase their non-interest income,” the company said.
‘More Purchasing Power’
“In a period of economic uncertainty and inflation, the partnership gives credit union members more purchasing power,” said David Metz, CEO of Prizeout. “Credit unions are all about their community. This offering ties into their larger ethos of supporting their members and taking care of them. Additionally, it’s a model where everyone wins – the members, the community, and the institution.”
The nine CUs that have invested in the CUSO include: Suncoast Credit Union, Interra Credit Union, MSU Federal Credit Union, Patelco Credit Union, Stanford Federal Credit Union, Credit Human, Langley Federal Credit Union, University Credit Union, and Collins Community Credit Union.
The Benefits
According to Prizeout, benefits for credit unions include:
- Gives Members More Purchasing Power. “The average 12% bonus shown when a member purchases a gift card helps them stretch their dollars further, which especially with the economic downturn is more appealing than ever,” the company said.
- More Member Engagement. There is an“an opportunity for credit unions to engage with and further communicate and reach out to their members, fostering stronger relationships.”
- Showcases Innovation. “Credit unions can now deliver meaningful, innovative, and relevant products to their members,” according to the company.
- Increased Non-Interest Income. The platform allows credit unions to increase their non-interest income, Prizeout said.
- Supporting Local Merchants. “The product gives the credit union a reason to engage with their business accounts, giving them more exposure, and keeping money in the community.”
- New Business Checking Accounts. “This platform is an attractive offer for local businesses that are not yet CU members,” the company said. “Upon signing up, they can be featured on the Prizeout marketplace which will give them increased exposure and ultimately, drive more revenue and keep money within the community.”
Why CUSO Was Created
According to the organizations involved, the CUSO was created as a vehicle for credit unions to partner with Prizeout’s innovative technology, and provide their members and community with immediate value-added offerings that would have been challenging to implement individually. Prizeout said it already operates in the neo-banks, government, earned wage, and gaming spaces.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com