Most credit union marketers have been tasked this year with increasing membership, increasing product sales and tracking their ROI (while increasing the “R” and decreasing the “I”).
Digital Signage
Slavic Federal Credit Union (PSFCU) in New York had those goals in mind when they installed a digital signage network featuring LCD screens displaying entertaining content along with enticement for customers to purchase new products and services.
Digital signage offered PSFCU flexibility of programming, enabling content to be changed as necessary, depending on the time of day or product in need of support. The system was found to decrease perceived waiting times, increase satisfaction levels among members and increase sales. For more information on the digital signage network click here.
Payment Assurance
With the same goal of increasing sales but also managing risk, Securian Financial Group developed the Payment Assurance product. The Payment Assurance debt protection product cancels or suspends a borrower’s loan payment for up to six months of involuntary unemployment. As a non-contributory program, Payment Assurance allows a financial institution to cover all or select loan portfolios at no charge to the borrower.
“Payment Assurance provides a competitive marketing advantage by attracting more loans, reducing loan delinquency and protecting borrowers across multiple loan types,” said John Gibbons, managing director of Securian’s financial institution sales and marketing unit. “Credit unions that offer Payment Assurance can keep loans out of the collection queue and better manage lending risk in this challenging economy.” For more information click here.
Personalized Cards
To increase member retention and satisfaction, TNB Card Services announced this week (July 20, 2009) their new easy-to-use online service that gives credit union cardholders the ability to create a one-of-a-kind, custom card designed by the member, for the member. Cardholders can design their own card using pictures of family, friends, pets, or a memorable event.
Cardholders can design personalized cards from their home computers using Design It! Photocard. With built-in photo design capabilities, Design It! Photocard allows users to easily upload, format, size and rotate pictures or graphics, to create their own custom card. The system is completely secure and requires no personal cardholder data or software downloads. Personalized cards are proven to increase cardholder usage, boost acquisition, and lower attrition, creating a lasting impression and bond between cardholder and the card issuer.
In this press release, Christy O’Neal, marketing manager for Main Street Federal Credit Union, is using the product as “one more tool in our marketing arsenal that puts us on the same playing field as national issuers.” Personalized cards can increase member loyalty and top-of wallet awareness.
