A recent survey showed that credit unions and their members are looking for different things from their credit cards. In fact, 76% credit union card goals were aimed toward growth, while the rest prioritized member services. But here’s the rub: 100% of members polled listed “false declines” as their number one service issue for credit cards.
Clearly, there’s a disconnect between member experience and credit union card goals. Growth is a good end goal but making sure existing cardholders feel taken care of is paramount for retention. There is nothing more frustrating to a member than a false decline in the middle of a busy day.
Why Card Declines are a Problem
Speaking from personal experience, I know how frustrating a false decline is. Recently, an old friend came through town. We caught up over drinks and because we were on my home turf, I offered to pick up the tab. My card was declined.
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