Fostering a credit union’s highest returning asset: Credit cards

first_imgThe opportunity is real. Consumer use of credit cards is a mainstay and will remain one of the top payment methods. Payment cards are a constant in the day-to-day lives of consumers and consequently have strong foundational potential for credit union loyalty programs and incentives. This is especially important given the growing adoption of mobile payments, as consumers have the ability to link their credit cards directly to mobile wallets. However, once the hard work of getting your credit union’s credit card in a member’s hand is done, it is not enough to sit back and wait for good things to happen. Approximately 18 to 24 months into the credit card relationship, attrition typically begins to creep in and members’ usage patterns start to change. For that reason, the most successful card programs typically have designated, dedicated people in charge of their care and feeding on an ongoing basis. Credit unions should employ several tactics to prevent that attrition, keep the performance of the card program high and, in many cases, grow the profitability of the credit program by following a cardholder’s financial journey through life. Here are five key strategies credit unions can implement to keep their members happy and their credit card programs profitable:1. Evaluate Credit Scores – No credit union would issue a card without closely examining a cardholder’s credit score and their ability to pay. That same logic should apply on an ongoing basis, too. Credit unions should review the credit scores in their portfolio at least annually and look for those members that have changed up or down in a significant way. Risk-based pricing is not only a good strategy when issuing a card, it is also a great strategy to keep the credit union card top of wallet. Card products should always be adapting to fit the changing life scenarios of members.2. Review Credit Lines and Utilization – One of the key results of reviewing credit scores is the ability to adjust members’ credit lines. Many studies show that members’ spending begins to drop when they reach 40 to 50 percent of their total line. In many cases, these cardholders have done a great job managing credit and should be rewarded with a larger credit line. This will ultimately result in higher spending, increased balances and increased finance charge income for the credit union.3. Integrate Rewards and Promotions – As a member’s financial journey through life changes, so does his or her desire for rewards and promotions. Early on, most consumers are concerned with low rates and fees, since they anticipate carrying a higher balance. Over time, a member’s desire for rewards programs and promotions becomes a larger driver of usage and loyalty. Looking at credit cards alone, 93 percent of recent payment preferences survey respondents indicate they receive a reward or benefit by making purchases on their credit card, with the survey results indicating that cash back is the leading benefit experienced by consumers. Adjusting these features for cardholders – and promoting them – can have a significant impact on credit card program profitability.  4. Invest in Great Marketing – Marketing card products cannot end when a member chooses his or her card. Members are continually bombarded by offers from other issuers, and marketing to existing cardholders remains one of the most effective tools to staving off attrition. To preemptively combat flashy offers that may seem attractive to members at first, it is imperative to constantly remind cardholders of the features, benefits and value of their credit union credit card program.5. Leverage Third Parties – Consistent, positive growth occurs when credit unions execute on strategies and tactics. In today’s constantly changing payments universe, looking towards third-party relationships like a trusted CUSO can be key. CUSOs have deep resources, experience and access to key industry experts and partners, which can be a credit union’s best tools for higher growth, greater relevance and stronger member relationships.With a deliberate and elevated focus on their card programs and by implementing strategies intended to keep performance high and minimize attrition, credit unions can successfully increase the profitability of their highest returning asset and ultimately realize a significant positive impact on their bottom line. And as one of a credit union’s most important products, payments are critical to delivering personalized member experiences that drive increased engagement and loyalty. PSCU, the nation’s premier payments CUSO, works with its Owner credit unions to provide their members with cards that are top of mind, and top of wallet. For more than 40 years, PSCU has helped credit unions launch, grow and increase the performance of their credit and debit card programs. Over 900 credit unions trust PSCU to process and support their card programs, including 45 percent of credit unions with assets of $1 billion or more. 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Glynn Frechette Glynn Frechette leads the entire Advisors Plus Consulting and Marketing Services team and is responsible for directing and deploying the full range of Advisors Plus financial and marketing services to … Web: Details What is a credit union’s highest returning, yet often least optimized asset? If you guessed the credit card portfolio, you are correct. Consider this:Historically, credit cards easily represent among the highest yielding assets in most credit union loan portfolios, generating upwards of 3.5 to 5.5 percent ROA according to portfolio data from Advisors Plus. This compares extremely favorably to an overall credit union ROA average of 0.8 percent.Findings of a recently released payment preferences study underscore that credit cards are the preferred way for credit union members to pay and are the most commonly used method of payment across the majority of retail locations.last_img read more

Lady Bulldogs Middle School Volleyball Teams Win Over Lady Eagles

first_imgThe 7th grade volleyball team got off to a slow start Thursday night with an 18-25 loss to Jac-Cen-Del. There was a huge turn-around in the second game. The team hustled and worked together to win the second game of the match by the score 25-18. Belle Wolters helped seal the win with 4 straight service points. The third and deciding game was just as exciting as the team finished with a 15-11 win. Belle Wolters led the team with 7 total service points. Kylie Laker and McKenna DeFreese added 6 and 4 points respectively. DeFreese, Laker, and Laine Struewing had 2 kills each at the net.The BMS 8th grade volleyball team picked up a convincing win over Jac-Cen-Del. Scores were 25-12; 25-21. Anna Bauer was 15 for 16 from the service line scoring 14 points including an impressive 10 aces. Abby Westerfeld chipped in 12 points with 6 aces in the winning effort. Macy Prickel led the front line attack with 5 kills, while Kayla Meyer had a block and 2 kills at the net. Way to go, ladies!Courtesy of Bulldogs Coach Shelly Prickel.last_img read more

Blue Demons travel to Madison

first_imgThe Wisconsin men’s tennis team (1-0) faces off against DePaul (1-2) at 4 p.m. Wednesday at the Nielsen Tennis Stadium.The Badgers are coming off their first match of the season, in which they defeated the Northern Illinois Huskies 7-0. Wisconsin took two out of the three doubles matches to capture the doubles point, and then swept all six singles matches with no player losing more than three games in any one set.DePaul comes into the match riding a two-match losing streak. The Blue Demons lost both of their last two matches by a 7-0 margin to Western Michigan and Northwestern.But just because the Demons are struggling does not mean the Badgers are taking them lightly.”We came out hard against Northern [Illinois],” said head coach Greg Van Emburgh. “We want to make sure we come out ready to play again and not underestimate them. They are a team that is coming in looking to sneak up against us.”The first-year head coach believes if the team continues to play like it did against Northern Illinois, it should have a good chance for success against DePaul.”We need to continue to have that same intensity and focus we had against Northern Illinois,” said Van Emburgh. “The guys did a great job last week. They didn’t really want to give an inch.” According to Van Emburgh, DePaul is a solid team that will probably be more of a challenge than Northern Illinois. However, the coach feels the team’s chances against the Blue Demons are good.”The guys have worked hard,” said Van Emburgh. “If they are ready to play, the wins will take care of themselves.”The Badgers defeated the Blue Demons last season 4-3 at Nielsen Tennis Stadium. Wisconsin has won 15 out of 16 games in the series, their only loss coming in 2000.last_img read more

Mixed U16 team selected for Scotland match

first_img Charlotte Heath, 15, (Huddersfield) helped Yorkshire win Women’s County Finals and England to beat Switzerland in the U16 girls’ international.  A mixed team of 12 talented young players will represent England in an U16 international against Scotland this weekend.  The match will be played at Montrose golf Club, Scotland, on Saturday and Sunday, 30 September and 1 October.  Mimi Rhodes, 15, (Burnham & Berrow) is a GB&I U16 international who reached the last 16 in the British girls’ championship.  Harriet Lynch, 16, (Thorndon Park) has had a series of good finishes in women and girls’ events, including a top 30 in the English women’s amateur. Callum Macfie, 16, (Lindrick) is an experienced U16 international, won the North of England U16 boys’ championship and helped Yorkshire win Boys’ County Finals. Remy Miller, 15, (Prestbury) has had consistently good results this season including a top ten in the U16 McGregor Trophy.  25 Sep 2017 Mixed U16 team selected for Scotland match Thalia Kirby, 16, (Stoke Park) was runner-up in the English U16 girls’ championship and third in the Scottish. She, too, was in the winning team against Switzerland. Caitlin Whitehead, 14, (Kendal) is a GB&I and England U16 international and has also had a string of individual top ten finishes this season.  Daisy Kennedy, 15, (Stoke Park) was also in England’s winning team against Switzerland. She was sixth in the English U16 girls’ championship. The players are: Dominic Clemons of Hertfordshire, Charlotte Heath of Yorkshire, Charlie Hilton of Sussex, Daisy Kennedy and Thalia Kirby of Buckinghamshire, George Leigh of Cornwall, Harriet Lynch of Essex, Callum Macfie of Yorkshire, Remy Miller of Cheshire, Mimi Rhodes of Somerset, Seb Tannum Donaldson of BB&O (Berks, Buck and Oxon) and Caitlin Whitehead of Cumbria.  Charlie Hilton, 16, (Ifield) was also in England’s successful team against Spain and won the Midland U16 boys’ championship. Dominic Clemons, 15, (Hanbury Manor) was in England’s winning team in this year’s U16 international against Spain and has performed well in individual events. George Leigh, 15, (Trevose) reached the last 16 in the Boys’ Amateur Championship and tied 11th in the English U16 boys’ open stroke play.  Seb Tannum Donaldson, 16, (Buckinghamshire) has been in good form with a series of top ten finishes, including in the North of England U16 championship.  The players: Tags: England teams, Mixed Teams, U16slast_img read more

Nobel Square for SA’s laureates

first_img5 August 2005Renowned Venda artist Noria Mabasa gets inspiration for her work through dreams.The 70-year-old from Limpopo made the trek to Cape Town as one of the artists chosen to work on the Western Cape’s Nobel Square project.Work on the site is set to start in early August, with the completed project to be unveiled on 16 December, when South Africa celebrates Reconciliation Day.Located at the popular V&A Waterfront, Nobel Square will honour South Africa’s four Nobel Peace laureates: the late Chief Albert Luthuli, Archbishop Emeritus Desmond Tutu, and former presidents Nelson Mandela and FW de Klerk.The provincial government announced the names of the two artists chosen to work on the project at a briefing held near the Square on Tuesday.Cape Town artist Claudette Schreuders has been selected to join Mabasa on the project. Schreuders will produce bronze sculptures.Mabasa’s work, referred to as the “fifth element”, will reflect the contribution of women and children to peace and democracy in the country. Her work, a carving, is described as having “a quiet dignity”.Speaking through an interpreter, grey-haired Mabasa expressed joy at being selected to work on the project. “The inspiration for my work comes to me in my dreams,” she said. “My father came to me and asked, ‘Why don’t you do this?’.”Western Cape Premier Ebrahim Rasool said the project was part of the government’s vision to make the province “a home for all”.Describing the laureates as “architects of freedom”, he said three of them had spent considerable time in the province, which included jail time in the case of Mandela.“The Waterfront has a confluence of people from all over. They can share in our rich history and the contribution the country made to the world in terms of peace and democracy”, Rasool said.Derick van der Merwe, CEO of the V&A Waterfront Company, said 22 million visitors would have access to the project.The five sculptures will be cast in bronze, with the laureates being a bit larger than life-size. Selected quotations from them will be engraved at the front.Mandela, speaking at the original launch of the project in December 2003, described the Nobel Square as a gesture celebrating and promoting reconciliation. “We need to celebrate ourselves and our achievement as often as we can”, said Mandela, who shared the Nobel Peace Prize with FW de Klerk in 1993.Tutu, the 1984 recipient, said that the real heroes of South Africa were the so-called ordinary people. “What happens here is not a tribute to the four of us, but to the people of South Africa.”Also present at the launch was Albertina Luthuli, the daughter of the country’s first Nobel laureate, the late Chief Albert Luthuli. Luthuli was awarded the Nobel Peace Prize in 1960, but due to the situation in the country he could only travel to Norway the following year to receive it.“How he would have loved to have lived to vote and witness the birth of the new South Africa in 1994”, Luthuli said.De Klerk, like his fellow laureates, said credit should go to those they represented. “May this monument remind us to be aware that the new South Africa has given us something precious.”The project has the blessing of the Nobel Institute in Norway.The Nobel Prize, established in 1901 by Alfred Nobel, is awarded annually and recognises excellence and contributions in the five categories of peace, literature, physics, chemistry and reporter and BuaNews Want to use this article in your publication or on your website?See: Using SAinfo materiallast_img read more

South Africa: open for business

first_imgWith its top sporting, recreational andhospitality facilities, and a world-classconvention centre, Durban is a perennialfavourite with visitors. (Image: For more free pictures, visit the image library)  MEDIA CONTACTS • Thandiwe Mathibela  Communications, South African Tourism  +27 11 895 3000 RELATED ARTICLES • Maropeng top evotourism destination • Africa’s greenest hotel for Cape Town • Northern Cape ideal for extreme sports • Table Mountain new natural wonder • SA becomes business tourism hubBongani Evans MtlhavaniSouth Africa is open for business – this is the emphatic message delivered by the Department of Tourism during the recent Meetings Africa gathering.Said to be Africa’s biggest business tourism business trade show, the event took place at Johannesburg’s Sandton Convention Centre from 28 February to 1 March, and attracted influential buyers from around the world.It’s a flagship marketing initiative of South African Tourism (SAT), and focuses on the so-called MICE (meetings, incentives, conference, and exhibitions) industry, with offerings that appeal to local and international buyers alike.Meetings Africa 2012 also saw the launch of the National Convention Bureau (NCB) which is going to play a crucial role in harnessing national tourism efforts.“The NCB will add considerable value to the country’s business tourism industry,” said tourism minister Marthinus van Schalkwyk, “and will strengthen and support efforts already being made to drive expansion in business tourist arrivals to make South Africa a truly global force.”Van Schalkwyk pointed out that through the successful staging of major events such as the 2010 Fifa World Cup, the recent COP17 climate change conference, and other sporting, business and tourism events, South Africa has established its credentials as a competent global host.He also said that South Africa has an advantage in that the country has world-class business and conference facilities, but also excellent leisure tourism attractions and hospitable and friendly people.The NCB was established in November 2011 and is headed by executive director Amanda Kotze-Nhlapho, who joined SAT after a successful tenure as head of convention bureau and events at Cape Town Routes Unlimited.“We believe that the industry is ready to contribute to the economy,” she said.The NCB will offer services such as support with the planning of conventions, all aspects of the bidding process, and on-site event services.Welcome to South AfricaA presentation on the first day by Mabeka Makola, SAT’s brand experience manager, gave details about the organisation’s SAT’s Welcome Campaign, aimed at inspiring all South Africans to welcome visitors warmly and so encourage them to return.He said that perception of the country is a crucial factor not only in bringing visitors back, but in inspiring them to spread the word about South Africa back home.“It’s about everyone working together to emphasis the small things that will have a greater impact on visitor perception in the long run.”The initiative is going into its second phase of implementation, which brings the consumer on board. The first phase involved talks with the trade.“We need to partner with small businesses to make sure that this campaign reaches the full potential, because its success relies on partnerships,” said Makola.Significance of the BRICS partnershipA Meetings Africa panel discussion highlighted the role South Africa’s BRICS membership has played in in fuelling trade and investment in the country.South Africa officially joined the bloc of emerging economic powers in April 2011.Representing their countries on the panel were Russia’s Elena Demidova, general director at Expert Avis Marketing; Nandakumar Devarajan, president of India’s largest travel group Kuoni India; Civic Group founder Olivia Ji from China; and South Africa’s Anitha Soni, Brand South Africa chairperson.The discussion was chaired by CNBC Africa business reporter Lionel Skink.Soni told the audience that the move to join BRICS has enabled South Africa to connect with the big growth economies in the world, and tap into their lucrative markets.“President Jacob Zuma has shared that since we joined the BRICS family, our exports grew four-fold into those countries and our imports into the same countries doubled,” said Soni. “It therefore makes business sense to play with the largest growing economies in the world.”She added that to make the most of these opportunities, long-term strategies were needed, and these were in place.Demidova indicated that there is great interest in South Africa from the Russian side. “Russians are interested in what is going on in this country, and are looking at the destination as an event alternative.”She hinted at the possibility of direct flights between South Africa and Russia in the future, likening the concept to the recent non-stop flight to China recently introduced by South African Airways.South Africa and China have set up bilateral agreements in many areas, including transport, education, housing, infrastructure, and water resource management.The introduction of non-stop flights between South Africa and Russia promises to facilitate business and leisure travel between the two countries, said Demidova.She said that South Africa should continue to focus on issues of access to the country, such as visa requirements, flight length and destination promotion. She revealed statistics from Russia which show that since Latin America dropped visa requirements, travel from Russia to that region increased exponentially.Ji shared Demidova’s sentiment, and indicated that the Chinese people want to know more about South Africa and how to do business with the country.“Our focus is on cooperation and looking for a win-win situation,” she said. “We are very open to forming new partnerships and are looking at a long term interest.”Devarajan said that there are a number of elements to consider when planning a MICE tour.“The planner wants a focus on logistics, access and customising an itinerary to suit the traveller, while the tourist wants to see new things, experience new sites and enjoy nightlife and shopping. Corporate visitors want more bang for their buck and are concerned about safety” he explained.In terms of Indian visitors to South Africa, Devarajan said that their numbers would increase if hotels offered more Indian products, such as Indian television channels and cuisine.The bottom line for business tourism, said Soni, is that South Africans need to speak with one voice.“Business, government, society and the media need to communicate accurate messages, and we all need to be ambassadors for our country.”last_img read more

Jamaica Hosts Inaugural Tourism Resilience Summit Sept. 13

first_imgStory Highlights Prime Minister, the Most Hon. Andrew Holness, is slated to deliver the keynote address at the opening ceremony. The theme of the Summit is ‘Tourism Resilience through Global Synergies’. Stakeholders from Jamaica, the Caribbean and wider Americas region are among the participants to attend the Summit, which is being spearheaded by the Ministry of Tourism, in partnership with the UWI. All is set for Jamaica to host the inaugural Tourism Resilience Summit of the Americas at the University of the West Indies (UWI) Regional Headquarters, Mona, St. Andrew, on Thursday (September 13).Prime Minister, the Most Hon. Andrew Holness, is slated to deliver the keynote address at the opening ceremony. The theme of the Summit is ‘Tourism Resilience through Global Synergies’.Stakeholders from Jamaica, the Caribbean and wider Americas region are among the participants to attend the Summit, which is being spearheaded by the Ministry of Tourism, in partnership with the UWI.The event is part of the Ministry’s effort to build resilience across the Caribbean and globally to what Portfolio Minister, Hon. Edmund Bartlett, says are wide-ranging disruptive challenges to the industry.These, he notes, include climate change, cybercrime, epidemics and pandemics, and terrorism.The Summit will also serve as a precursor to next year’s official launch of the Government’s Global Tourism Resilience and Crisis Management Centre, which will be housed at the UWI’s Mona Campus.Mr. Bartlett was speaking at a media briefing at the Ministry’s New Kingston offices on Tuesday (September 11).He said the Summit’s staging is timely, in light of the tourism industry’s heightened vulnerability over the last 50 years, to the aforementioned challenges.“Because of its very character, [tourism] is susceptible to all sorts of shocks, both endogenous and exogenous, and these can have deleterious impact on economies and also on the pace of development as well as the scale and scope of developments in [tourism-dependent] countries,” the Minister noted.In the same vein, Mr. Bartlett said tourism has been and remains one of, if not the most resilient of all industries, pointing out that “it bounces back quickly and grows”.“It has grown exponentially over the last 50 years and has grown faster than all other industries. But, more importantly, it has grown more sustainably than all other industries, [as] when other industries have faltered and lost their significance as global contributors, tourism continues to rise,” he added.In this regard, Mr. Bartlett said Thursday’s Summit aims to assess existing and emerging disruptions related to tourism management globally, and the risk of these to the global tourism product; and identify a synergetic, strategic and operational framework for partnerships between and among major governmental, non-governmental and business entities to address and develop mitigation strategies for these disruptions.He indicated that presentations will be made by some of the leading experts on crisis management and disruption detection.They include Professor Lee Miles of Crisis and Disaster Management Centre, Bournemouth University, United Kingdom; former United Nations World Tourism Organization Secretary General, Dr. Talib Rifai; Head of the Caribbean Public Health Agency Tourism and Health Programme, Dr. Lisa Indar; along with British High Commissioner to Jamaica, His Excellency Asif Ahmad; and the UWI’s Pro-Vice-Chancellor for Global Affairs, Ambassador Richard Bernal.The focus themes include ‘Developing Awareness and Sensitisation Strategies’, ‘Designing Capacity Building Programmes’, ‘Resource Mobilisation’, ‘Development of Crisis Management Systems’, ‘Communication Management’, ‘Recovery Management Planning’, ‘Building Global Networks for Tourism Resilience’, and ‘Development of Risk-Reduction Systems’.“We are excited about the prospects of this, the first (Summit) of its kind in the region, and we hope to have a document from it – a blueprint – that will help to guide the world in discussing and treating with disruptions of the nature and type that we have indicated,” Mr. Bartlett said. All is set for Jamaica to host the inaugural Tourism Resilience Summit of the Americas at the University of the West Indies (UWI) Regional Headquarters, Mona, St. Andrew, on Thursday (September 13).last_img read more