Your financial institution’s (FI’s) credit card portfolio can be your most profitable product, generating up to a quarter of your total net income. If your credit union or community bank’s credit card portfolio’s performance is lagging, consider fine-tuning the overall portfolio strategy.

It’s important to start the portfolio evaluation process with these three steps:

1. Define your credit card portfolio’s strategic vision — Think back to why you first began offering a credit card product. Does your portfolio product strategy align with your overall growth objectives?
2. Establish product goals and create your roadmap — Consider all components of the cardholder lifecycle: product, account generation, activation, usage, account management and service. Determine how each of these components relates back to your product marketing strategy.

 

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