Visions - November 2006
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Leadership Expert John C. Maxwell To Keynote 2007 Member Forum
 PSCU Financial
Services’ 2007 Member Forum will host internationally recognized leadership author and expert John C. Maxwell, who will give the keynote presentation at the opening general session and host a two-hour
strategic breakout session for CEOs.
Dr. Maxwell’s 30 books on leadership
have sold more than 7 million copies worldwide.
The Member Forum will also feature
sessions that address: protecting your credit union against Fraud/data security threats; building
 successful credit/debit/ATM
programs; promoting prepaid cards; catching the wave of growth in online bill payment programs;
and the latest news in lending and Contact
Center services.
Industry speakers will include: Economist Dr. Lawrence Chimerine and author Dr. Kevin Freiberg, who will speak on the topic of “Gutsy Leadership.”
We are celebrating our
30th Anniversary at the 2007 Member Forum to be held April 25–27 in Colonial Williamsburg, the world’s largest living history
museum. The theme of the
upcoming Member Forum is
Revolutionary Leadership.
Online registration begins
December 1st. Don’t miss this chance to experience motivating and
educational sessions, while enjoying the elegance and charm of historic Colonial Williamsburg and
the new Williamsburg Lodge and Conference Center.
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Free customizable Marketing Material Available Online
Build balances, increase usage and move your card products to the top of your members’ wallets by using our turnkey marketing
collateral. New customizable branch and insert
marketing
materials
will be
available in early 2007. You will be able to download these free, customizable
designs from our
dedicated MemberConnect site accessible via www.pscufs.com. Topics include credit and debit card security, usage, balance
consolidation, along with prepaid
promotions and more.
Gen Y Builds Credit
One-on-One Education Sets Gen Y Product Offering Apart
When college student Craig Brehm received a credit card from MCU Financial Center Credit Union, he also received instructions on how to use it. “They explained how credit works and how my credit score plays a role in future loan applications,
housing and employment. It was very helpful because this is my first credit card, so I didn’t have any experience in this area,” he said.
The Racine, Wisconsin, credit union recently launched a unique program to attract Gen Y
members (18-24 year olds) that includes a stylish, translucent credit card and one-on-one instruction from a staff member about the responsible use of credit.
“In addition to attracting Gen Y members, we also want to help them understand the importance of establishing and maintaining a good credit score,” said Ryan Anderson, CEO, MCU Financial
Center Credit Union. “Instead of mailing the cards, we have them sent to the branch. One of our staff meets personally with each cardholder to
explain the basics of consumer credit and how each member’s FICO score will effect the terms of car and home loans, as well as other financial services.”
The credit union wants to build trust with this powerful consumer base, and for good reason. Research has shown that the financial institution that provides the first credit card earns cardholders’ loyalty for 10 years or longer.
As part of its commitment to help credit unions identify and fulfill the financial services needs
of the unique market segments served, PSCU
Financial Services has underwritten Filene
Research Institute studies of the buying preferences of young adults. The company is actively developing
programs to better serve this important audience.
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‘Tis the Season – Increase Open to Buy Limits
Industry experience shows that increases in credit limits have an immediate impact on spending, which translates into increased income for the credit union. Specifically, every $1,000 increase in credit limits equate to an increase in cardholder balances of roughly 13 percent. With our automated, turnkey Credit Limit Increase Solution, we make it easy for eligible members to increase their credit card limits.
Using PSCU Financial Services’ Credit Limit Increase Solution, automatic evaluations are performed to determine if a cardholder is eligible for a limit increase and to set the amount of the increase. These determinations are made in real-time, while cardholders are on the phone with Contact Center Representatives or online viewing account data.
The solution is easy to implement and monitoring and tracking is simple too. PSCU Financial Services can fulfill requests
immediately for smaller line increases without involving credit union staff, which increases both productivity and member satisfaction. By asking the members if they want to increase their credit limits while the member is engaged in a conversation about their credit card account, we can proactively meet the members’ financial needs.
The holiday season means increased cardholder transaction
spending. The Credit Limit Solution, which carries no
implementation fees, is a proven tool that gives cardholders the option to expand their credit limit and serves to keep the credit union card at the top of the wallet.
Contact your Account Executive to help your credit union take advantage of the busy buying season and increase credit card outstandings.
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Promotions Make Online Bill Payment
‘Pay Off’
Credit Union ONE of Ferndale, Mich., achieved an impressive pay off for its PayLynx™ online bill payment program thanks to member and employee promotions. After just five months subscribers were up by 17.6 percent and payments were up by 28.7 percent.
Credit Union ONE’s comprehensive marketing campaign for PayLynx included web site messages,
in-branch TV advertisements, teller line materials as well as statement and envelope messaging.
In an innovative move, the credit union debuted an employee promotion prior to its member promotion. Each employee using online bill payment to pay five bills a month was entered into a monthly drawing for two $250 Credit Union ONE gift cards. “People who use a product are always the best spokespersons. Once our staff used PayLynx bill payment program, they became ardent promoters of its convenience and ease of use,” said Kim Lyon, Marketing Project Coordinator, Credit Union ONE. “PayLynx is very easy to market because users are extremely satisfied with its performance and its security features.”
The credit union then offered a three-month promotion in which each member using online bill pay for at least five bills a month was entered into a monthly drawing for a $500 credit union gift card. “These promotions were both successful and fun because every month we had either employees or members winning a gift card,” Lyon explains. She added that PSCU Financial Services representatives help her staff by providing quarterly
progress reviews to boost enthusiasm and keep the online bill payment program top-of-mind.
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Drilling Down for Performance
Access to analytical data just got easier. With the introduction of Executive View Select, PSCU Financial Services’
Wilmington-platform debit issuers can drill down to both the prefix and cardholder levels—for an in-depth view of debit card program performance. In addition to providing key growth statistics, the enhanced management data can help credit unions grow debit card usage and build transaction volume.
Executive View Select is an optional service accessed via STAR STATION®, a user-friendly, Web-based administrative tool that provides real-time access to a wide variety of systems and products for day-to-day management of the debit program.
With additional enhancements slated for early 2007, Executive View Select will provide even greater efficiency with proactively servicing and marketing to your debit members. Debit issuers will have capability to send templated letters
to selected cardholders with just a few mouse clicks. Correspondence can be used to address common issues that
impact debit card usage such as cards issued but not activated, cards activated but not used and specific
authorization declines.
“Helping our debit issuers maximize their portfolio’s performance is a key component of our role,”
said Ron Silvia, Director Debit Services. “This powerful data management tool provides
access to information to make profitable decisions that assist in both the operations and
marketing efforts of our debit issuers.”
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Nevada FCU To The Rescue
 Nevada Federal Credit Union of Las Vegas, Nev., recently teamed up with the Las Vegas Fire & Rescue Foundation to provide Visa Gift Cards for use by needy residents. The credit union is covering the operating expense of creating the gift cards and the Foundation is raising funds to pay for 1,000 $20 gift cards.
Firefighters and paramedics will give out the cards when they find residents in urgent need of food, milk, or other essentials. The Visa Gift Cards are more secure than cash and more convenient than checks or vouchers since they can be used at virtually any retail location. Many victims do not have transportation, so it is difficult for them to use vouchers that can be redeemed only at specific facilities.
PSCU Financial Services handled the processing for the cards, which offer the same protection as Visa debit cards. The cooperative’s prepaid offering includes both gift and reloadable cards, which are increasingly popular for a variety of uses including student and travel cards as well as general purpose cards. Nearly 100 credit unions issue gift cards through PSCU Financial Services and 20 have signed up for the newly released reloadable card program.
“Prepaid cards were originally popular for graduations and the holiday season, but consumers have embraced the convenience of these cards and found almost limitless uses for them. Prepaid cards, especially reloadable cards, offer credit unions new ways to earn member loyalty and serve key market segments,” said John Pembroke, Executive Director of Marketing & Product Development, PSCU Financial Services.
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The Sky’s The Limit with CURewards™
Skydiving, bull riding lessons and whitewater rafting are just some of the amazing options now available to cardholders with CURewards™.
PSCU Financial Services’ innovative rewards program is stretching the
envelope by offering adventure packages,
enriching experiences such as luxury spa treatments, and sports and special events that include tickets or multi-day hotel/event packages for the 2007
Super Bowl, NBA All-Star Game, Kentucky Derby and
U.S. Open Golf Tournament.
Promotional inserts that describe upgrades to the CURewards
program are now available, and members can begin planning
their dream vacation by visiting www.curewards.com.
The expanded program also features additional unrestricted flight options, upgraded car rentals and more luxury
hotels, along with new and improved merchandise and gift certificates for popular retailers.
Just in time for Christmas, members can create a ‘wish list’ by placing their desired item into a shopping cart and monitoring the number of points needed to redeem it. Credit unions can brand the rewards site with their logo at no charge and implement single-click access from home banking applications.
Segment-Specific Splash Pages
Special segment-specific splash pages are available to help credit unions target Hispanics/Families, Youth/Young Adults or Small Business Owners. These unique web pages feature pictures of travel destinations and merchandise designed to appeal to each target segment.
Implementing CURewards also rewards credit unions
with increased profitability due to greater card usage and increased member loyalty. A random survey of credit unions demonstrated the following average annual portfolio gains following implementation of CURewards:
- Growth in gross active credit card accounts of 14.9%
- 28.4% increase in transactions per active account
- Gain in outstanding balances of 29.6%
- Boost of 31.4% in interchange income.
Join the more than 200 credit unions with CURewards by contacting your Account Executive today!
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