Affinion Group, Deluxe and Discover Win NAFCU Services’ 2012 Innovation Awards
David C. Frankil
NASHVILLE, Tenn. – NAFCU Services Corporation (www.nafcu.org/nafcuservices) today announced the winners of its 2012 Innovation Awards at NAFCU’s 45th Annual Conference & Exhibition at the Gaylord Opryland Resort and Convention Center in Nashville. Each year, NAFCU Services recognizes three of its Preferred Partners for outstanding, innovative solutions recently introduced to the credit union market.
“Given the pressure on credit unions to find new sources of non-interest income, it should come as no surprise that all three of the NAFCU Services’ 2012 Innovation Award winners have solutions related to that challenge,” said David Frankil, president of NAFCU Services. “Each represents an innovative way to improve income generation for a credit union in very concrete ways.”
The NAFCU Services 2012 Innovation Award winners are:
- Affinion – for its “BankMyRewards”, a custom branded and merchant-funded cash-back program for members. It leverages Affinion national network of over 800 online merchants, providing members cash back rewards for shopping within the merchant network. The program also includes discounts on online gift cards, merchandise and travel. Cash-back opportunities for members range from 5% for offline merchants and up to 15% for online merchants. This program increases loyalty and revenue for credit unions via increased debit/credit activity and volume, as well as new account acquisition and reduced attrition rates. This solution is completely free to members. More information at www.nafcu.org/Affinion.
- Deluxe – for its SwitchAgent ™, a concierge service that works with new members who have opened new share draft accounts to migrate all of their automatic checking account transactions relationships to the credit union. This is often the biggest hurdle in moving a new member from account activation to full account utilization. Deluxe gathers information from the member via a live interview and uses a patent-pending technology to switch automatic transactions from other institutions to the credit union. This leads up to a 32 percent increase in products per member, up to a 64 percent increase in account activation levels, and in some financial institutions up to a 90 percent increase in transaction levels. More information at www.nafcu.org/Deluxe.
- Discover – for its Marketing Platform, a real-time marketing campaign management tool which enables credit unions to deliver targeted messages via multiple channels based on real-time transaction data. Analytics are based on demographic data, member preferences, loyalty data and spending behavior. It can identify spending patterns, determine member needs, and identify geo-locations. Delivery channels include email, text messages, direct mail, web and mobile applications. The Marketing Platform provides the credit union with a high degree of control and drives revenue through increased credit card usage. More information is available at www.nafcu.org/Discover.
The winners were selected by the NAFCU Services Advisory Committee, which is composed of credit union executives from credit unions of all sizes.
Representatives from Affinion Group, Deluxe and Discover will accept their awards at a reception Tuesday night (July 24th) at NAFCU’s Annual Conference. Attendees interested in learning more about these companies can visit their booths in the NAFCU Services Preferred Partner Pavilion in the exhibition hall. Attendees may follow the conference on Twitter at #nafcuannual.
About NAFCU Services Corporation:
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 30 Preferred Partner programs to the credit union community and maintains the credit union locator website www.CULookup.com. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.