From the Editors of CU Weekly
CSCU HELPS CU GROW ACCOUNT REVENUE
03/07/13 08:11 PM
CoastHills Benefits From Enhancements
CoastHills FCU has taken full advantage of the suite of marketing resources available to it as a CSCU member, experiencing year-over-year growth in all areas of its business, including account base growth (31 percent), total outstanding growth (22 percent), volume growth (42 percent), and overall revenue-per-account growth (32 percent).
The credit union's success story demonstrates how executing multiple enhancements to a card program improves a credit union’s bottom line, while also increasing the benefits offered to its members and strengthening member loyalty.
CoastHills employed the following CSCU marketing campaigns with impressive results:
- The Win-Win employee incentive program to encourage MSOs (member service officers) to promote product sales and increase card account penetration. After using the turnkey Win-Win promotion kit, its greatest indicator of improved MSO-engagement is the addition of 1,500 more active cards, as well as cross-sell attempts skyrocketing from 28 in 2011 to more than 3,000 in 2012.
- The ScoreCard Rewards program, which allows credit unions to capitalize on consumers' (both members and employees) interest in rewards by implementing a loyalty program that incentivizes cardholders' activation and usage vis-a-vis reward points and cash back. CoastHills took an industry-leadership approach to counteract Durbin by also offering rewards on its debit card program. As a result, CoastHills has fostered member loyalty by issuing three times as many reward points than in past years.
"By using CSCU’s promotions in tandem, our well-managed card portfolio has proven to be a revenue generator and has helped position us for substantial growth,” said Joe Mayhew, consumer loan manager for CoastHills FCU. “We’ve used these marketing resources as tools to educate and reenergize our MSOs and incentivize them to focus more heavily on member engagement.”
Click here to access CSCU’s complete suite of marketing resources.