As the saying goes, to run with the big dogs, you have to get off the porch. No doubt, it’s a challenge for smaller financial institutions to differentiate themselves from the pack when there are much bigger, stronger animals pushing you to the back.
Credit card teams know what I’m talking about.
It can feel almost impossible to get the product in front of members when Capitol One, Chase – and now PayPal and Amazon – are flooding airwaves, social networks and inboxes with ridiculously impressive-sounding credit card and rewards offers.
Credit union people ask almost daily how they can compete with megabank and tech-giant credit card issuers. They aren’t able to build apples-to-apples card programs. They simply can’t afford it. But the good news is, going tit-for-tat in product development is rarely a smart strategy.continue reading »