A second opinion: How the right consultant can transform your card portfolio
As a credit union, the credit card is arguably your most important product. In fact, a TRK Advisors article published by Callahan & Associates reports that even a seemingly small loan portfolio can generate 20 percent or more of a credit union’s overall bottom line and be the most accessed product among the most engaged members.
And with American consumers approaching $1 trillion in credit card debt as of mid-2016 (creditcards.com), this market is teaming with opportunity – if only your credit union had the bandwidth to capture it.
According to Tim Kolk, owner of TRK Advisors, partnering with the right outside consultant can give credit unions the added support and insight they need for success.
“Competitive terms, operational requirements and economic forces can all shift quickly and deeply in the credit card industry, which is why market intelligence is so important,” he said. “Ultimately, the right advisor should help you identify opportunities and execute strategically faster and more efficiently than you could otherwise accomplish on your own.”continue reading »