RICHARDSON, Texas—One company said it is offering credit unions a new way to extend another value-added service to members to drive revenue and the CU’s brand.
In this case, the service is called “Keyfetch ,” which is an online lost and found service that connects people who find someone’s keys with the keys’ owners. Keyfetch begins with a key tag that attaches to a key ring or key fob. The tag instructs anyone who finds the lost keys to go to a website run by Keyfetch. The individual then enters a code from the key tag and the website alerts the owner that they keys have been found. The two people can then connect via email or secure chat to arrange for the keys to be returned.
“Partnering with Institution Solutions, Keyfetch has been offering credit unions a new and innovative way to promote their brand, while also offering their members a significant consumer benefit,” said Greg Hagan, SVP at Institution Solutions. “And the real attractiveness of the program is that you don’t need to find new advertising monies to implement it. It can even pay for itself, or become a new profit center.
“This whole thing can happen fast,” continued Hagan. “About 70% of all Keyfetch items are returned on the same day they are lost. And since the whole communication process between the owner and the finder of a lost item takes place in an anonymous chat system, it’s safe.”
Right Price
Hagan said the program is affordable.
“Because such a high percentage of keys are returned under the Keyfetch system, they are able to underwrite the key loss coverage at attractive rates,” said Hagan. “The credit union can choose to either provide the program free of charge, as a perk to members, or charge for the service.”
The program can also promote the CU’s brand, said Hagan.
“The branding component of the program is interesting. Keyfetch allows the credit union to have their own private label key tags, their own return website (for CUs ordering a minimum of 5,000 units), and even their own phone protection service (TagMyPhone), which provides excellent mobile phone branding,” he said.
For less than $30 a key tag, the value proposition is sound, said Hagan.
“The program is easy to implement. And best of all, from the member’s perspective, there are no batteries required, no subscription fee, and zero additional hassles.”