Financial institutions with low risk tolerance that also follow outdated underwriting models may soon find themselves out of the credit card game all together. A webinar for credit unions will talk through the threat, as well as detail one proven strategy for becoming a strong credit card issuer in today’s competitive environment – data-driven credit line management.
The 45-minute webinar will be hosted by EXL, which has worked with numerous issuers to optimize credit card line management strategies.
One of these issuers is a $3 billion credit union that came to EXL with the goal to grow outstanding balances without a high marketing expense. To meet this goal, EXL analysts designed and helped the credit union deploy a credit line increase (CLI) campaign personalized to each cardholder.
What separated this campaign from more traditional ones was EXL’s four-step process, which segments cardholders based on their likelihood to react to different offers. The highly targeted approach ensures the right offer reaches the right cardholders at the right time, increasing both the effectiveness and ROI of CLI campaigns.
For the $3 billion credit union, the data-driven, segmented campaign generated $7.7 million in incremental spend, as well as $3.4 million in incremental balances – all in the span of 10 months.
To learn more about data-driven CLI, credit union cards teams are encouraged to attend EXL’s webinar, “How and Why a Credit Line Increase Campaign Will Grow Your Credit Card Portfolio,” on Tuesday, Mar. 27, 2018, at 2 p.m. eastern time. Online registration is open now, and a recording will be made available to registered individuals who are unable to attend the webinar live.