Three TMG Credit Union clients choose Catalyst for Card Portfolio Data Analysis
DES MOINES, IA (July 9, 2014) — To better monitor, learn from and adjust to the changing behaviors of consumers, three credit union clients of The Members Group (TMG) have signed on to leverage the payment processor’s data analytics and portfolio consulting services, Catalyst. The consumer intelligence solution, built in conjunction with TMG’s strategic partner IQR Consulting, leverages a financial institution’s own credit card portfolio data to help leaders understand cardholders on an individual level.
The three credit union clients are:
· 1st United Services Credit Union, Pleasanton, Calif.
· Ascentra Credit Union, Bettendorf, Iowa
· University of Iowa Community Credit Union, Iowa City, Iowa
“For the last 12 to 18 months, our competitors have really begun stepping up their game in nearly every aspect of payments, and especially in the area of credit cards,” said Dick Noble, senior vice president of operations for University of Iowa Community Credit Union. “We believe the key to winning cardholder loyalty is offering truly valuable and customized products. The first step in this strategy is to better understand our current and prospective cardholders, and we look forward to TMG and IQR’s insights delivered through the Catalyst program.”
With Catalyst’s easy-to-decipher “snapshot” and “trending” reports, credit union executives don’t have to dig through the data to understand how portfolios are performing. Rather, the reports allow management teams to quickly assess the health of the portfolio and take corrective action where needed.
According to TMG Product Manager Brandon Bogler, Catalyst does not stop with reports. The product is offered in tiers, allowing financial institutions with differing goals, resources and internal expertise to supplement the reports with consulting services. “Catalyst Custom connects card program managers with TMG and IQR experts who have analyzed and segmented the portfolio by cardholder behavior to identify opportunities,” he said. “These conversations ignite those smart decisions that will ultimately help reach the consumer segments our clients are targeting. Our Catalyst offerings help credit unions maximize portfolio profitability while strategically managing their risk. We’re helping our clients target the right consumer with the right offer, exponentially increasing their ROI.”
According to IQR Managing Director Karan Bhalla, the process for Catalyst Custom begins with IQR analysts reviewing the historical performance of a portfolio and sharing the trends of the portfolios from multiple viewpoints. TMG and IQR then provide actionable recommendations to optimize and grow the portfolio. Taking advantage of the Catalyst offerings will allow the three credit unions above to focus on their core competencies while leveraging TMG and IQR for detailed analysis.
“After sharing our recommendations, we work with the credit union to implement the decided course of action,” said Bhalla, adding IQR uses advanced statistics and modeling techniques to provide the right products and offers to a credit union’s unique membership base. “Our goal is to help the credit union meet – and even beat – its goals. We also help measure the value of our work based on actual results.”
The Members Group (TMG) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com.
About IQR Consulting
IQR Consulting is a leader in portfolio and financial analytics, reporting, statistical modeling and campaign management. The analysts at IQR are experts in the use of segmentation as a means for highly targeted marketing. With accurate and actionable insights and analysis, IQR helps credit unions, banks and casinos leverage data assets to increase profitability and to better compete against larger institutions. For more information, visit www.iqrdataanalytics.com.