GAC: CSCU Provides Credit Union Insights at New Trade Show Experience

GAC: CSCU Provides Credit Union Insights at New Trade Show Experience
Posted: Feb 26, 2017
Comments: 0
Author: Paul Castner

"Insights Wall" & Albert Einstein Set the Stage for New "Payments Simplified" Branding

Washington, D.C. (February 26, 2017) - CSCU launched its new brand platform: “Payments Simplified,” Sunday at the Governmental Affairs Conference (GAC) 2017 in Washington, D.C. Included in the debut is an exciting new CSCU trade show experience designed to reflect the organization’s revised brand positioning. 

"The clean, graphic look illustrates CSCU’s ability to simplify payments, while the 3-dimensional design expresses the depth of CSCU’s expertise in payments," says Antonio Hill, CSCU Vice President of Marketing.  "The use of white and grays together with CSCU blue is a distinctive approach that will help CSCU stand out from competitors in the credit union space," Hill explains. Central to CSCU delivering on its brand promise of simplifying payments is its partnership with global card processor FIS; comprehensive thought leadership initiatives for credit unions leaders; plus the know-how that comes from the experts at CSCU’s Optimize Consulting Services.

A major focus at CSCU's booth is the introduction of the “Insights Wall,” where visitors walk up to the wall and pull out an “Insights Card” from pockets or envelopes adhered to the wall.  Each card provides a brief insight on critical topics that are impacting credit unions today and in the future.  A person pulling an insights card could win a Starbuck’s gift card if they were lucky to select a winning card.  Additionally, to help with telling the story of simplifying complexity, CSCU has brought Dr. Albert Einstein back to life.  Arguably the smartest person to inhabit Earth, Einstein will assist booth visitors with selecting insights cards and in taking selfies. Hill points out that it was Einstein who said, “The definition of genius is taking the complex and making it simple,” a quote that provided inspiration for the new brand campaign.

Following Are The Insights Featured On The CSCU Insights Cards at GAC -

INSIGHT #007 – Mobile Wallet Explosion

As the number of mobile wallets in the market continues to grow, phone- based apps like Apple Pay led the way, but merchant-based apps from Starbucks, Walmart and others are the next wave. Make sure that your credit union is continually updating your digital strategy to stay top-of- wallet in all of these mobile apps as well as the online wallets such as Visa Checkout and MasterPass.

INSIGHT #124 – IoT Becoming IoP

The Internet of Things is fast becoming the internet of payments. The Amazon Echo and Google Home devices were both sold out this past holiday season! Be sure that your staff is educated about these technologies, and keep reminding your members to use your credit union’s card(s) when setting up purchases on their new devices.

INSIGHT #177 – Card Marketing Tip

Don’t let your credit card program go unmarketed. Create penetration, activation and usage campaigns, generate successful balance transfer programs, and design engaging branch campaigns. Promote your cards! Your credit card program is key to member satisfaction and engagement.

INSIGHT #199 – Targeted Offers And Segmentation

Big Data analytics tools are useful, but can be expensive. However, there are still many opportunities to acquire new cardholders by creating targeted offers to different segments of your member base. Look out for debit accounts with no credit cards and offer a no-annual-fee card. Look for ACH payments to Chase, Citi or Amex and send a rewards or signature credit card offer with introductory bonus points.

INSIGHT #208 – Don’t Lose Out On Interchange Revenue

Are you unknowingly losing out on interchange revenue? Many of your members have their cards on file with online merchants and recurring billers such as mobile phone and cable providers. When they fail to update their account with a reissued card, both you and the merchant lose out. Netflix claims it lost 15 percent of its 4th quarter revenue from reissued chip cards! How much credit union interchange income was lost? Both Visa Account Updater and MasterCard Automatic Billing Updater will update card information automatically for participating merchants, but the issuers must enroll their credit and debit BINs and start submitting updates for this to happen.

INSIGHT #318 – Affluent Cards – Where The Money Is

Are Platinum cards still your premium card offering? Now’s the time to move to the next level. Research shows that affluent cards, such as the Chase Premium Reserve and Citi Prestige cards, are garnering the lion’s share of today’s credit spend, and this represents an untapped market segment for credit unions. These cards are used 25 times per month, versus 6-10 transactions for a traditional card, and with higher interchange rates, and deeper cardholder engagement, this could be a boon to your credit union.

IINSIGHT #333 – More On The Millennial Opportunity

Millennials make up 50 percent of today’s workforce and are shaped by the technology they grew up with. They are far more digitally connected and use social media extensively. Reaching this generation digitally and generating peer recommendations is a critical step to be able to attract new members and build member loyalty.

INSIGHT #413 – Keep Cardholders Through Credit Line Increases

Research shows that cardholders tend to seek additional credit elsewhere when they reach 35-40 percent of their credit limits. Regular credit line management that grants credit line increases to qualified cardholders is very important for account retention and portfolio growth. Make sure that your credit union is taking advantage of this opportunity.

INSIGHT #456 – Relaxed FOM Rules

The NCUA has proposed to relax Field of Membership rules, giving some credit unions the ability to expand into additional locations and SEGs. Are your membership acquisition strategies aggressive enough to take advantage of potential opportunities? Make sure that your credit union has the tools, tactics and marketing expertise to drive your acquisition and retention strategies.

INSIGHT #513 – ATM Liability Shift Underway

With the liability shift for ATMs underway, it is time to begin upgrading your ATMs to accept EMV cards. MasterCard shifted liability for their cards in October 2016 and Visa will do so this October. Upgrading your fleet of ATMs is a lengthy process, so now is a good time to analyze traffic and usage patterns to determine which ones are at end-of-life and worth upgrading. You also should consider moving to smart ATMs that allow envelope-free deposits and provide additional cardholder services.

INSIGHT #533 – Protect And Build Your CU Brand

Your credit union’s brand is one of your greatest assets. So, ensure that your marketing material is customized. Tailor your messaging, rates and logo on balance transfer marketing materials and in-branch credit and debit acquisition marketing. Make sure your brand is consistent and prominent.

INSIGHT #643 – Fraud Strategy: Put Cardholder In The Middle

Putting your cardholder in the middle of the transaction is the best way to contain and stop fraud, and fraud continues to be the number one reason why a cardholder moves a card from top of their wallet. Card controls are a great solution. They put the ability to turn card transactions on and off right in your members’ hands, while purchase alerts notify your member of every transaction, including fraudulent ones!

INSIGHT #644 – Online Wallets: Visa Checkout And MasterPass

Online wallets like Visa Checkout and MasterPass are a WIN-WIN-WIN. These wallets secure the members’ payment credentials in tokenized form, along with their billing and shipping addresses, to make online purchases simpler. This is a WIN for your members since it reduces the time required to make a purchase; a WIN for the merchant as it drastically reduces cart abandonment; and a WIN for your credit union since the payment credentials are tokenized, and not stored by the merchant, eliminating the threat of a data breach. Be sure to promote these online wallets to your members as a way to increase card usage and reduce fraud risk.

INSIGHT #710 – Are CU’s Ready For More Rate Hikes?

Analysts predict three Fed rate hikes in 2017. Are your credit card interest rates tied to an index? If not, be prepared for additional paperwork. You’ll need to issue new disclosure documents and other change-in-terms requirements each time the rate changes. Make sure your credit union is ready for this in order to take advantage of improved net margins.

INSIGHT #816 – Instant Issuance Equals Instant Satisfaction

If it is not already, instant issuance of debit cards should be a top priority for your credit union. Providing a member a new or replacement card “on the spot,” not only improves member satisfaction, but also can generate additional non-interest income. Research shows that instant issue adds eight incremental transactions in the first month, and five incremental transactions per month thereafter. Consider training your front-line staff on helping members to enter their new debit card into their mobile wallets while still at the branch so that it can immediately become top-of-wallet.

INSIGHT #900 – Use Social Media To Engage With Members

Social media for most businesses is just a function of the marketing department. But its impact is much bigger than that and shouldn’t be limited to one department. Social media gives your credit union the opportunity to engage members before and after the transaction. It should be used by all employees as a channel to get your core promotions and brand out to the community. Social media is not a matter of if you do it, but how well you do it!

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