Visions - July 2006
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10 Million Accounts!
To celebrate our 10 million
account milestone, PSCU
Financial Services, the nation’s largest CUSO donated 10
million pennies, or $100,000, to organizations and projects designed to enhance the
credit union industry.
Donations were made to: National Center for Member Trust, Biz Kid$ Financial
Literacy Programming, and
the underwriting of an intensive three-day course for senior credit union executives at Georgetown University’s
McDonough School of Business in conjunction with Callahan & Associates.
Loaded With Value
Waiting to enter the prepaid market because you wanted the ability to reload prepaid cards?
PSCU Financial Services has delivered again by adding a reloadable card to our suite of prepaid offerings. Our platform gives you the ability to target a wide range of your membership with the new member convenience of being able to add value as needed. This card also offers the same protection as
a Visa debit card and is supported
by our award-winning 24 x 7 Contact Center. Our proven product is provided through EFunds Prepaid, formerly Wildcard Systems.
This reloadable card is more than just another prepaid product. It provides your
credit union with many
additional benefits such as:
- Higher initial load amounts
- More fee income
opportunities
- ATM access at over
- 1 million Visa-branded ATMs
- Ability to establish new business partners
- Reach new segments with creative marketing strategies
- Reload virtually anywhere by phone, in-branch or online
- Higher average interchange
returns, based on larger balances
Put On Your Marketing Hat
The reloadable card offers new ways to earn member loyalty and serve key market segments. Here’s a few ideas to get you started:
- Promote responsibility—and limits—to a teenager’s back-to-school spending.
- Provide a convenient tool for families traveling at home or abroad.
- Help serve the underserved with a card that is safer than cash.
The list is limited only by your
imagination. PSCU Financial Services has produced turnkey marketing
materials including statement
inserts, brochures, branch posters and other materials to promote its use as a Travel Card and/or a Student Card.
Our turnkey product
provides everything you need, including: flexibility to choose your own fee
settings and revenue
opportunities; back-office
system administration;
security tool for user ID and
password maintenance; cardholder interface tool; complete member care and support;
training and settlement package; comprehensive reporting, including a branch inventory management tool and marketing collateral.
Contact Leah McDermott at 888-918-7316 or sales_sup@pscufs.com
today to get started.
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AdvisorsPlus™ Portfolio Alliance Service ‘Shows You The Money’
Want your credit card portfolio to ‘show you the money?’
The annual AdvisorsPlus™ Portfolio Alliance service is a proven way to promote your credit card products. This service provides three targeted promotions over a 12-month period.
“The proof is in our numbers,” said Tom Chandler, Director of
Strategic Portfolio Consulting.“In 2005, our Alliance clients realized almost 20 percent growth in net
revenue, and saw higher average
balances and transaction volumes than their peers. In addition to achieving immediate results, this service enables us to build
continuous growth for
our clients. As we gain familiarity with each credit union’s portfolio and objectives throughout the year, we are able to
finetune future promotions to achieve—and often
exceed—their goals.”
In the first quarter of 2006, AdvisorsPlus Alliance credit unions targeted cash users and revolvers with balance transfer
promotions. Promotional annual percentage interest rates ranged from 3.99% to 6.55%, with terms of 11 months through the life of the balance. The average response rate was a
phenomenal 4.63%!
Our seasoned team of
AdvisorsPlus professionals helps credit unions across the country boost card balances and achieve activation goals. Direct mail campaigns
employ market intelligence as well as predictive
behavior models and
profitability segmentation
analysis to help credit unions make the right offer to the right members at the right time.
Each customized, targeted marketing campaign has five deliverables:
Test Design – detailed description of the promotion.
- Proforma – financial forecast for the promotion.
- Project Plan – detailed project
timeline.
- Response Tracking – means to monitor the number of cardholders responding to offer; amount of new balances, etc.
- Back-end Analysis – evaluation of performance and recommendations for future promotions.
To benefit from the AdvisorsPlus Portfolio Alliance Service, contact your Account Executive.
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Perpetrating Fraud: How Are the Bad Guys Doing It?
How Do We Fight It?
Security of your transactions is one of our most important service commitments. We work with you to make the environment in which credit card fraudsters thrive extremely difficult.
PSCU Financial Services is
sponsoring Security Summit 2006 that will take place in 10 locations throughout the country beginning July 18th and running through
September 26th. These daylong, free sessions will provide attendees with an arsenal of information to combat card fraud at your own credit union. Industry experts will be on hand to share the latest on fraud schemes and triggers to implement within your operations to identify early on if attempts have been made to compromise your systems. Further, we’ll provide you with
specifics on preventive measures that you can execute that include authentication methods, policies and procedures, training and consumer education. Working together, we can make a difference.
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Step Up to Top Performance
“When I first saw PerformanceOne™ I knew immediately it would help me manage my card programs more
efficiently,” says Jim Lawrence, EFT Services Manager at Harvard
University Employees Credit Union in Massachusetts. “I enjoy the easy access and attractive presentation style provided by PerformanceOne.
It allows me to quickly prepare senior management reports so everyone can keep up-to-date on our monthly
portfolio progress. It really saves me
a lot of time,” Jim shared.
PerformanceOne, the web tool for
enhanced performance, delivers to your credit union key credit and debit portfolio performance metrics, right at your fingertips. You no longer have to review various FDR reports to determine how your credit and
debit programs are performing. You can easily view your
portfolio growth by simply logging into MemberConnect.
PerformanceOne
provides a fast and convenient comparison against your credit union’s peers as well, helping you chart your course to even greater success.
The
most recent performance data on your credit and debit programs is always available, just a click away.
By using PerformanceOne, your credit union can easily review your credit and debit activation and penetration trends and compare them against your customized peer. Furthermore,
PerformanceOne–provides profitability
trends for your credit and debit
portfolios. You are in control of
PerformanceOne, you chose whether to review your reports at the program level or total portfolio view.
“I really like the comparison features of PerformaneOne,” says Jim. “I
especially like being able to compare my credit union’s progress over the past year and compare my portfolio progress and growth against that of my customized peer groups.”
Even as member-owners are just
beginning to reap the benefits of PerformanceOne, PSCU Financial Services is hard at work enhancing the web tool. Future phases of the application will include displaying multiple years of performance data, expanded profitability analysis on both credit and debit programs, and more credit union flexibility on report displays and credit union entered data elements.
“PerformanceOne is fantastic. It’s so much quicker and easier than viewing multiple FDR reports. I can really keep my finger on the pulse of our card
programs and quickly see the results of our latest marketing
efforts,” says Bill Hawkins, CEO of Health Care Systems
Federal Credit Union in Virginia. Bill accesses
PerformanceOne a couple of times each month to monitor the credit union’s card
programs, and he uses the export feature to help him easily communicate portfolio results with his Board of Directors.
If you have not discovered the
benefits of PerformanceOne–check it out today in MemberConnect. If you have already become a veteran user of the tool, congratulations! Your credit union is on its way to stepped up portfolio results. Because knowing where your portfolio has been helps you set the course for where you want it to go.
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A Click Away
Looking for marketing support, industry updates, an easy way to monitor portfolio performance? Have you tried MemberConnect? It’s your online connection, loaded with value-added just-in time resources for Credit and Debit Card Managers, eCommerce Managers, Business Development and Marketing
Specialists. The site provides a host of information including:
- Industry Updates
- Web Reports
- PerformanceOne Portfolio Monitoring Tool
- Business Continuity Plan
- Marketing Materials
- Newsletter Kits
- Statement Messages Library
- Downloadable Inserts
- Manuals/Job Aids
- Event Information
Bookmark the MemberConnect link https://members.pscufs.com on your browser favorites and take advantage of the resources at your fingertips! Need assistance logging on? Contact your Member Services Representative at 800-789-7728 or 800-325-7728.
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Credit Union Doubles Outstandings With Promotions and Incentives
 Officers at HAPO Community Credit Union, Richland, Wash.,
considered selling their credit card portfolio, but decided
instead to invest in it and make it profitable. After more than doubling outstanding balances in a little over two years, they are very glad they did according to Michelle Stewart, the credit union’s VISA marketing specialist.
Stewart was hired to oversee the credit card program and to launch promotions and programs designed to achieve the credit union’s ambitious goals. The credit union offers Classic and Platinum VISA credit cards with CURewards™ from PSCU Financial Services.
Stewart decided to put a new twist on standard techniques: In addition to member-oriented offers, she designed a series of employee incentives to drive results.
In addition to receiving cash bonuses, employees who met their sales
goals earned the chance to win an
impressive grand prize.
Faced with low returns on direct mail pieces, Stewart launched a monthly “call-a-thon” that took place in the evening. “Since it was after-hours, it was a volunteer project. We used it to encourage members to either apply for one of our VISA credit cards or
to transfer balances to our card. Employees were paid bonuses based on results. In addition, we created
two teams and started a series of
competitions where the team that booked the most activity in a specific time period would receive a special prize,” Stewart explains.
The credit union took in $100,000 in balance transfers in one hour, thanks to these promotions. “We made it fun,” she notes. “Pretty soon we had 20 people showing up to make calls.”
The credit union’s member-focused incentives include a promotion that offered double CURewards points for sales or balance transfers over a 90 day period. That promotion
generated an
additional $127,000 in outstanding balances.
An earlier rebate program that gave members $10 for spending $100
within the targeted month. That
activation campaign was launched just prior to the 04-05 holiday
spending season. “Members posted higher usage rates for the entire
holiday season as a result of this
promotion,” Stewart notes.
Stewart also worked with
AdvisorsPlus™ representatives
from PSCU Financial Services to
drive higher activation and usage.
The AdvisorsPlus team evaluated each member’s credit history and provided credit line increases for all qualifying members. That campaign increased average monthly balances by more than $344,000.
Stewart plans to launch a promotion later this year that features an interest
rate incentive for members. This program will be conducted after the credit union completes its conversion to risk-based pricing as part of PSCU Financial Services’ Account Level Processing solution. This feature
evaluates cardholder account
characteristics and behavior and
automatically adjusts pricing at the account level based on a schedule
determined by each credit union.
Now in her third year at the credit union, Stewart has learned what
motivates people to excel. “Our
employees certainly enjoy cash
bonuses based on achieving goals, but it’s the chance to win an amazing prize that certainly sparks interest and keeps the credit card portfolio top of mind,” she explains.
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Viva Las Vegas!
Register now for our 2006 “Leading Through Change”
Member-Owner Meeting. The event to be held August 28 – 30 at the Aladdin Resort & Casino in Las Vegas will offer valuable
insight on credit cards, debit/ATM cards, prepaid cards, online bill pay, contact center and
lending services.
Attendees can drill down into
solution mechanics by
participating in a variety of
sessions including our special Credit or Debit meeting track.
As an incentive for the Debit Card Manager to attend, we are offering two free hotel nights at the Aladdin when they participate in the Debit Track. This offer is limited to one debit representative per credit union. Log on to
pscufs.com to register today!
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PayLynxSM Boasts Industry Leading
71% Activation Rate
Summer ’06 Enhancements Drives Usage
“With the latest enhancements,
PayLynx now has several features that
PayLynx Subscribers: 343,000 |
Financial Institutions: 262 |
Monthly Payments:
1.8 million
|
Activation Rate:
71%
|
Electronic Rate:
77%
|
make online bill paying even easier,” said Jennifer Pace, eServices
Manager, Andrews Federal Credit Union, Maryland after piloting the new functionality. “The system
automatically pre-fills in the earliest available payment date, and having the history button and the sorting
feature right at your fingertips makes it simple to navigate. With all of these features wrapped into the leading bill
payment product, why wouldn’t our members and employees want to pay their bills online?”
Designed with the consumer in mind, the enhancements to PayLynx aim to drive our industry -leading activation rates even higher. All PayLynx subscribers will
automatically benefit from the new features that include:
- Earliest Payment Date -
The earliest payment date will
pre-populate once a payment amount is entered.
- Improved Quick Add Smart Biller Setup - A new “Search By Biller Name” feature provides for an enhanced match-rate for billers and creates a streamlined user
experience when searching for
e-bill enabled billers.
- Bill History Navigation Button - A new “Bill History” button will appear on the top navigation bar,
in addition to the “View Bill
History” link in the Recent
Payments module.
- Edit Pending Payments -
Pending payments can be edited. Changes allowed include payment date, payment amount and
payment account.
- Hovering Text for Truncated Biller Names - Full biller names will appear when the cursor is placed over the truncated biller name in the mini-modules of the Payment Center.
- Flexible e-Bill Payments -
Users will have various payment options for
e-Bill payments depending on the information provided by the biller. Users can schedule payments for the minimum amount due, amount due,
balance due, or an amount specified by the user.
- Bill History Page Modifications - New to this page are the payment status, arrows next to column
headings for intuitive sorting and a filtering function.
- Enhanced sorting and filtering functions - Many columns can now be sorted and filtered, and, your preferences will be saved from your last session.
- Additional Browser support available including: Mozilla Firefox 1.5 (Windows XP); Safari 2.0 (OS X 10.4x); and Firefox 1.5 (OS X 10.3x)
For additional information on why PayLynx, powered by CheckFree® is your best choice for bill payment
services, contact us today at
800-443-7728 ext. 7936.
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No phishing Here
For more than a decade
processors have validated
Visa’s Card Verification Value (CVV) and MasterCard’s Card Validation Code (CVC) as one of the means to authenticate credit card and signature debit card transactions.
Authentication of PIN debit
transactions relied primarily on the validating the PIN number.
PIN Debit issuers are now embracing this additional layer of authentication as a means to minimize fraud. The new PIN Debit CVV/CVC Validation service offers a proactive, real-time
solution aimed at detecting and
preventing the approval of fraudulent PIN-based ATM and POS transactions.
The service uses unique information encoded on Track 2 of your ATM/debit card’s magnetic stripe to validate card data and enhance authentication of the card during the authorization
process.
Validating the CVV/CVC on PIN debit based transactions is a proven defense against phishing attacks and fraud as it can:
- Detect counterfeit card use in
real-time
- Prevent the approval of fraudulent transactions performed by
counterfeit cards in phishing-
related situations
- Protect brand identity and
sustaining cardholder confidence
- Reduce fraud losses due to
phishing schemes
To activate the new PIN Debit CVV/CVC Validation service, contact your Account Executive.
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Annual Activity
Summary –
Enrollment
Reminder!
Enhance the value of your credit card products by providing your cardholders with an Annual
Activity Summary. This beneficial money management tool aids in budgeting, record keeping and income tax preparation. Your completed enrollment form must be received by September 1, 2006 to participate this year.
The Annual Activity Summary can be tailored to meet your credit union’s specific needs, allowing you to:
- Offer the summary to all
cardholders or to a select group.
- Assess a fee of your choice
for the summary.
- Specify a minimum number
of transactions to qualify for
a summary.
- Choose from two different summary versions:
- Standard Statement Format
- Enhanced Booklet, which is customized with your credit union name and logo
*Summaries are generated at year-end and mailed to your
cardholders during the month of February.
Please contact your PSCU
Financial Services Account
Executive for more information or to enroll by September 1, 2006.
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Is Disaster Recovery Keeping You Awake Nights?
You Can Call in the Experts and Save Money
Business is booming for Ongoing Operations, LLC, an organization that offers comprehensive business continuity and disaster recovery services to credit unions in conjunction with PSCU Financial Services CUAlways™ 24/7 member
service solution.
Dire forecasts for an active hurricane season, combined with continuous media coverage of tsunamis, tornados, mudslides, earthquakes and other disasters have made business continuity planning (BCP) top of mind for credit unions.
Creating and maintaining a continuity plan is often a burden because it’s outside the realm of normal business operations. “Equipping a credit union to offer core operations and data access during a disaster is a huge undertaking, but we have developed a methodology and process that makes it manageable. Since this is our sole business, we also deliver the benefit of past experience to each credit union we serve,” notes Kirk Drake, Ongoing Operations’ President.
Drake notes that retaining his
organization’s services can be 80 percent less expensive than doing it on your own. “We have worked with credit unions that have developed their own plans and in a few cases built their own data centers to handle
operations during a local disaster. Our shared service is much more cost-effective both in terms of
personnel hours and equipment
resources.”
He adds that credit unions and other financial institutions often delegate BCP planning to the IT staff. “The IT staff normally does an excellent job of protecting the data,” Drake
explains. “But they do not take into
account how to handle member calls, offer fraud protection, create space/equipment for employees to work if the branch or headquarters is destroyed and a
variety of other business issues
that are outside the realm of data management. With BCP, you must be able to replicate daily operations even though physical facilities and normal communications networks
are unusable.”
Ongoing Operations is one of the
only firms that performs all aspects of BCP, including a data center,
customizable workspace, remote
data backup and planning.
“As I attend conferences, I meet
representatives of other companies involved in this industry. Each of them offers one part of the solution—
mobile branching or data vaults or BCP planning. To my knowledge, we are the only company that offers a
comprehensive solution that
includes all aspects
of planning and
operations.”
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