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Debit Consultants Warns FIs to Use Caution When Wooing Angry Bank Customers

(Des Moines, Iowa – November 1, 2011) – In a new white paper co-authored by TJ Riha, CEO of debit consulting firm PayFusion, and Andrea Stritzke, VP of regulatory compliance at PolicyWorks, community financial institutions (FIs) are encouraged to go after frustrated bank customers – but to heed certain warnings when doing so.

“To be sure, this extraordinary chance at growth can not be squandered,” Riha and Stritzke write, referring to the opportunity spurred by consumer movements like Occupy Wall Street and Bank Transfer Day. “That said, leadership at the nation’s credit unions and community banks must proceed with caution when courting these angry bank customers.”

Riha and Stritzke outline several warnings for community FIs, including:

  • Regulatory concerns with use of the word “free” in advertising
  • The need for a thorough competitive analysis of financial products
  • Marketing advice, including the use of incentives to court new business
  • Possible repercussions of courting risky customers

The paper concludes with a best-practices strategy, including four tactics credit unions and community banks should put into place before marketing to frustrated bank customers.

The white paper, “Use Caution When Wooing Angry Bank Customers,” can be downloaded at http://www.payfusionllc.com/white-papers.cfm.

About PayFusion

PayFusion helps financial institutions optimize their debit card programs by providing consultation on superior portfolio performance. The debit experts at PayFusion have extensive knowledge in the industry and are focused on educating credit unions and community banks on the nuances of the marketplace and the best methods for maximizing their processor relationships. PayFusion consults with all financial institutions regardless of their processor, providing an independent look into the efficiency of their debit portfolios. For more information, visit PayFusionllc.com

About PolicyWorks

PolicyWorks is an Iowa-based firm known for providing solutions to credit unions’ regulatory compliance needs. PolicyWorks has the resources, vision and experience necessary to help clients resolve their most challenging compliance issues. For more, visit www.PolicyWorksLLC.com.

 

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