SimplyCredit Discusses Tools Credit Unions can Use to Drive Card Portfolio Growth
Many credit union executives wrestle with how to grow credit card portfolios. National brand credit card issuers have developed rewards programs that smaller credit unions cannot duplicate profitably. The battle for balances is due, in part, to the inability of most credit unions to match the richness of competing rewards programs.
Given the important role rewards play in members’ credit card usage, this poses a significant disadvantage. However, Strategic Link partner, SimplyCredit has developed automation that is a proven and powerful way to grow sticky relationships and increase credit card usage.
“We vetted SimplyCredit through our Value Creation Taskforce, and were impressed by their digital tools and support,” said Northwest Credit Union Association VP of Strategic Resources, Jason Smith. “They offer a seamless enrollment process, and sophisticated analytics and marketing to drive enrollment in their program that could potentially save credit union members thousands of dollars a year.”
SimplyCredit enables borrowers to consolidate high-cost credit card debt and sweep the balances to participating credit unions. This is done on an ongoing, dynamic basis without need for paperwork or direct human assistance. They also provide analytic and marketing support to uncover and tap product demand.
SimplyCredit’s tools have led to:
- High adoption
- High repeat usage
- Significant balance growth
To read the case study in full, click here. To learn how balance transfer automation can benefit your credit union, register for an informational webinar on March 4 at 11 a.m. PST: Balance Transfer Automation – One Credit Union’s Experience. The SimplyCredit team will dive deeper into the solution’s usage, automation, user behavior, and business results.