Uncover What’s Hot with Today’s
New Products

Kent Potterton, Executive Director,
Credit Services and New Product Development,
PSCU Financial Services

Potterton highlighted several key ways to build cardholder loyalty: digital plastics that allow use of member images, estatements, mobile banking and member loyalty rewards.

“Personalized images are a great way to attract Gen Y,” he notes. PSCU Financial Services is building a web site to allow credit union members to upload their own images onto a credit-union-branded card. “Images will be checked to ensure that they meet each credit union’s standards and do not violate copyright or licensing issues,” he reported. The cooperative will also create a library of images that members can select for their cards. Credit unions can also create segment-branded images to meet the needs of member groups.

The cooperative’s estatement pilots will begin at the end of April and the program will launch this summer, Potterton said. Members will be able to select either paper only, estatement only or both methods. Fraud protection will be provided in several ways, including sending a letter to the cardholders’ address if an email address is changed. Members will receive statement notification in the form of an email or text message.

The cooperative is also launching a mobile banking platform that provides minimal investment, a low monthly fee and low risk, he noted. “Our program will provide access to credit, prepaid and bill payment accounts to cell phones and other mobile devices. Credit union logos will appear at the top of the screen to build member loyalty.” Mobile banking is expected to be available in the October/November timeframe, he noted.

The cooperative is continually enhancing its member rewards program. The cooperative’s rewards program allows credit unions to offer rewards to cardholders for signing up for other products, including auto loans, online bill payment and home mortgages. Cardholders will soon be able to view aggregate rewards statements online and see the points awarded for each action.