Pen Air Federal Credit Union Sees 20% Increase in Credit Balances after Converting to PSCU Financial ServicesCooperative’s AdvisorsPlus™ Consultants Play Key Role, According to Credit Union EVPSt. Petersburg, FL, Oct. 23, 2008 – A year ago credit balances at Pen Air Federal Credit Union of Pensacola, Fla., were steadily declining and cardholder penetration rates were far below industry averages. By the end of August, however, the credit union boasted $30 million in balances—a 20% increase—thanks to the expertise of PSCU Financial Services’ AdvisorsPlus™ consultants and the credit union staff’s desire to energize the portfolio with targeted marketing campaigns. The credit union converted its credit platform to the cooperative in September of 2007. “We are pleased with the professionalism and performance offered by PSCU Financial Services as well as their proactive security and fraud management practices. We also appreciate the opportunity to work with a credit-union-owned processor that is dedicated to serving the needs of our credit union and the entire credit union industry,” said Ron Fields, the credit union’s Executive Vice President. The credit union has $929 million in assets and 99,000 members. After the conversion, AdvisorsPlus consultants performed an on-site analysis of three years of card data and recommended a series of campaigns to boost activation, usage and new account acquisition. “After we met with the cooperative’s team and reviewed the data, we realized that we weren’t doing anything to encourage growth in the portfolio and the program’s attrition was the natural result of that lack of stimulus,” said Fields. AdvisorsPlus consultants worked with the credit union staff to launch a series of promotions from February to August of 2008. These campaigns delivered results that exceeded the credit union staff’s expectations. “Having access to the cooperative’s expertise and best practices knowledge delivers exceptional results. Achieving a 20 percent increase in balances in less than nine months is outstanding,” said Fields. The promotional campaign began with a credit line increase and balance transfer/transaction level processing promotion. This earned a 5.11% response rate and added $2 million in balances. The next promotion targeted inactive cardholders and earned an impressive 30% response. This was followed by several additional promotions for new accounts, activation, and a targeted balance transfer. AdvisorsPlus consultants deliver a wealth of best practices expertise as well as practical industry experience. Many consultants have previously worked for large card issuers— their average industry tenure is over 20 years. Analysts use data mining, predictive modeling and behavioral and profitability segmentation analysis to help credit unions implement the right offers to the right members and cardholders at the right times. Member-owner credit unions can elect to use AdvisorsPlus services on as needed basis or as part of an annual subscription. About Pen Air Federal Credit UnionPen Air Federal Credit Union was chartered in 1936 to serve Civil Service and Military employees (active and retired) and their immediate families assigned to military bases in the Pensacola, Fla., area. Now employees from other companies and organizations are also eligible for membership. The credit union has $929 million in assets and 99,000 members. Please visit www.penair.org for more information.About PSCU Financial ServicesBased in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,100 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 500 member credit unions representing over 11 million cardholder accounts and more than 700,000 online bill payment subscribers. Its Contact Center handles more than 14 million inquiries a year.PSCU Financial Services maintains an Eastern operations center in St. Petersburg, Florida, and a Western operations center based in Phoenix, Arizona. The cooperative’s wholly owned subsidiary, Digital Dialogue, operates two 24/7 call centers in Detroit, Mich., that specialize in member services, new member acquisition, cross-selling and automated lending solutions. Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As a leader in the credit union movement, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit PSCU Financial Services’ website at www.pscufs.com.
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