The power of payments

Because it’s our business, we eat, sleep and breathe payments. Many of our credit union partners do, as well. But, is the same true for credit union members? Probably not. In fact, most increasingly expect to think as little as possible about the mechanics of buying. After all, this is the era of one-click purchases, contactless cards and auto pay; the fewer steps it takes to move money, the better.

The goal, then, is to make payments as simple as possible. Creating a seamless payments experience today will lead to unprecedented growth opportunities. Just look at Amazon Prime Day. This year, the number of Amazon Prime Day transactions processed by CO-OP nearly doubled compared to those processed in 2018. The credit unions whose credit or debit card members reached for during the biggest two-day online shopping event of the year saw significant non-interest revenue. Even more importantly they were able to extract valuable data that can be used to create the kind of personalized experiences that members expect.

One way to do that is with the help of our SmartGrowth team, CO-OP’s credit portfolio experts that leverage transaction data and market-level trends to create customized campaigns drive portfolio growth. We partnered with several credit union card issuers to launch special rewards campaigns to drive their card to the coveted default payment for Amazon leading up to Prime Day. Now that Prime Day has come and gone, it’s time to think about how to set your card program up for success with more prime shopping events like Black Friday and Cyber Monday approaching.

 

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