DES MOINES, IA (December 2, 2013) -- Payments processor The Members Group (TMG) today reported that its credit union and community bank clients have more than tripled their requests for credit card marketing promotions as compared to last year.
Promotions include promotional rates, balance transfer, skip-a-payment and rewards offers designed to move issuer’s credit cards to the top of their cardholders’ wallets during and immediately following the holiday shopping season. In addition to this set of standard offers, TMG is also working with several clients on custom credit card marketing promotions designed to deliver the right offers to the right cardholders at the right time.
Much of the custom marketing work is accomplished through use of TMG’s newest card portfolio data analytics tool, Catalyst. Launched in the May, Catalyst is a consumer intelligence solution designed to help credit unions and community banks better monitor, learn from and adjust to the changing behaviors of today’s consumers.
“The holiday shopping season has traditionally been one of the most popular times of the year for card promotions,” said Georgann Smith, TMG’s vice president of marketing. “We attribute much of this year’s uptick in requests to an increasing awareness among our clients of the highly competitive credit card marketing environment. As well, many have come to understand the power of portfolio segmentation in marketing and are looking to get their feet wet with business intelligence strategies.”
This is the second year Heritage Family Credit Union (HFCU) of Vermont is using segmentation strategies to boost holiday-time performance of its credit cards. By analyzing its card portfolio for the upcoming holiday shopping season, the credit union changed its campaign strategy, swapping out double and triple rewards for cashback offers. For the second year in a row, the credit union is offering credit line increases to those cardholders most likely to react positively to the offers.
“Working in conjunction with TMG to understand the right offers for the right cardholders has been an important part of our marketing strategy for the 2013 holiday spending season,” said Mary Notte, HFCU Visa coordinator. “It’s important to us, as a member-owned organization, that we extend only those offers our cardholders will truly value. Doing so also helps us control costs by not pushing out ineffective promotions.”
About TMG
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.