It’s an exciting time for the payments industry. Mobile wallets are gaining traction and the EMV liability shift goes into effect in October. Fraud and identity theft are hot topics, but so, too, are innovation and consumer preferences. There’s a lot going on. That’s why this week, CreditUnions.com is looking at different strategies credit unions across the country are employing to run a successful card program.
According to credit card expert Tim Kolk, credit unions that issue credit cards might be experiencing a sense of déjà vu this year. With credit loss levels at record lows; consumer spending rising, particularly among higher-end demographics; and card program profitability at record highs, the card market has become maniacally competitive again. Kolk offers a rundown of card performance and what to look for in competitor programs. Read his advice today.
That’s a bird’s-eye view of credit cards. For something more personal, check out how Preferred Credit Union doubled its debit ROI through a one-two punch of high-tech segmenting and low-tech mailing. Or learn how a prepaid debit card helps University Federal Credit Union provide affordable, multi-channel service to lower-income members.
Of course, no week about payments would be complete without a discussion of EMV. In 2010, United Nations Federal Credit Union became the first American financial institution to offer EMV cards; Chicago-based Alliant Credit Union started testing EMV cards in the United States as well as abroad in January 2014; and Michigan’s Genisys Credit Union is currently working on adding the chip to its debit cards. The three credit unions are at three different stages, and together, they offer insight into five EMV decisions every credit union must make as it rolls out the technology.
To repeat, there’s a lot going on. Happy Reading.