MINNEAPOLIS–Noting that a credit union’s credit card portfolio has the potential to become a highly lucrative asset, Elan Financial Services has published a new white paper, “Benefits of a Robust Credit Card Product Strategy.”
“A ‘one size fits all’ product strategy cannot support the interests of all members,” the paper states. “A credit union can count on current members turning to them when the need arises to open a credit card, but will the available product set be enough to entice the member to apply? Offering a robust and extensive suite of credit cards, to capture a wide variety of needs, is paramount to success.”
By “robust,” the paper explains that a credit card product suite should contain a wide array of payment solutions that cater to members that walk in every day, including college students, Millennial couples, small business owners, mid-sized companies and more, all of whom want access to credit and all have differing needs.
“By offering only limited solutions, a credit union may eliminate the opportunity to fulfill a specific need and therefore miss out on an opportunity to maximize credit card revenues,” the paper states.
The paper examines the current credit card landscape, what credit card utilization looks like, and provides insights into how to capture market share across various market segments.
If further notes that 54% of members who understand and enjoy the benefits their card has to offer use their card more.
For more info, go here.